GL Trade says its turnover of EUR110.2 million in the nine months of this year was up 18.5% at constant exchange rates, and 17.5% unadjusted for movements in exchange rates. The figure includes the late 2003 acquisitions of MSTS and GLESIA.
In the first nine months of 2004, turnover outside France accounted for 79% of the total, as opposed to 71% in the same period in 2003. Turnover in the UK grew by 33% to EUR27.6 million, and accounted for 25% of GL TRADE’s total as opposed to 22% in a year ago.
The UK business benefited from the acquisition of Misys Securities Trading Systems (MSTS) in November 2003, which contributed approximately EUR5 million to GL TRADE’s nine month turnover.
France accounted for only 21% of total turnover. French turnover fell by 15% (or by EUR4 million), due to cuts by clients in costs and activity levels, due to mergers and re-locations. The traditional retail data distribution business (Minitel and TV) continued to decline.
Turnover doubled to EUR13.7 million in Italy, due to Italian product distribution being brought back in-house at the start of the year.
Turnover in the rest of Europe remained stable at EUR22.5 million. The contribution from Iris, which was acquired on 1 July, was not significant during the period (EUR0.1m).
In the USA, which accounts for 85% of turnover in the Americas zone, turnover rose by 13% in dollar terms and by 2% in euro terms. The acquisition of Davidge, announced a few days ago, has been finalised, and will take effect on 1 November. GL Trade says this acquisition bolsters its product range in the US markets, and significantly strengthens its position there. Davidge is likely to generate turnover of approximately $1 million in the fourth quarter. As a result of this acquisition, the USA is likely to account for 15% of GL Trade’s total turnover in the near future.
Turnover doubled in Asia to EUR14.1 million, due to the combination of the acquisition of MSTS’ activities in Japan and Hong Kong (nine month contribution of around EUR3 million) and new contract wins.