The GL TRADE group turned over 62.5 million in the first half of 2003 – 2.3 per cent up on the first half of 2002. Turnover outside France accounted for 72 per cent of the total, against 66per cent in the first half of last year. Europe (outside France) contributed 53 per cent of consolidated turnover. Asia and the Americas accounted for 8 and 10 per cent respectively.
The first half brought a sharp slowdown in the View-only and e-brokerage businesses of GL multimedia, mainly in France. Lower turnover for France was offset by growth in the rest of Europe. Turnover in Asia was flat due to the economic climate in this region.
GL TRADE expects the first-half growth trend to be maintained in the second half of 2003. As a result of a rigorous cost-cutting policy and an improvement in productivity at all GL TRADE units, the slowdown in growth will have a limited impact on margins. As previously announced, GL TRADE is expecting net margin before goodwill amortisation of 12-13 per cent for the full-year 2003.