Ad hoc announcement
Lausanne, 30 July 2021
1st semester 2021: Adjusted revenue of CHF 491.0m,
down 9.9% at constant exchange rates
Compagnie Financière Tradition reported consolidated revenue of CHF 452.0m in the first semester 2021 compared with CHF 512.8m in same period in 2020, down 11.9% at current exchange rates. At constant exchange rates, consolidated revenue presented a decrease of 9.9%.
For the same period, the Group’s consolidated adjusted* revenue was CHF 491.0m compared with CHF 558.0m in 2020, a decrease of 9.9% at constant exchange rates. The adjusted revenue from interdealer broking business (IDB) was down 9.8% at constant exchange rates while the forex trading business for retail investors in Japan (Non-IDB) presented a decrease of 13.8%.
In the second quarter, consolidated revenue was CHF 213.3m compared with CHF 235.5m in the second quarter 2020, representing a decrease of 9.0% at constant exchange rates. The Group’s consolidated adjusted1) revenue was CHF 231.8m against CHF 254.5m in 2020, down 8.4% at constant exchange rates with IDB down 8.6% and Non-IDB down 2.4%.
The activity of the first semester 2021 should be put into perspective with the exceptional volume of activity in the same period last year, particularly in March and to a lesser extent in April. Indeed, the gradual health crisis resulting from COVID-19 had caused a very high volatility in the financial markets positively impacting the Group's revenue. Thus, the context of normalization of activities that we experience with the decrease in the Group's revenue will have a negative impact on the expected half-year results which should notably return to the level of the first semester 2019. Finally, the level of activity for the month of July shows a slight increase compared to the same period last year.
1) Proportionate consolidation method for joint ventures ("Adjusted")
Compagnie Financière Tradition SA is one of the world's largest interdealer brokers in over-the-counter financial and commodity related products. Represented in over 30 countries, Compagnie Financière Tradition SA employs more than 2,300 people globally and provides broking services for a complete range of financial products (money market products, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and non-financial products (energy and environmental products, and precious metals). Compagnie Financière Tradition SA (CFT) is listed on the SIX Swiss Exchange.
For more information, please visit www.tradition.com.
Compagnie Financière Tradition SA
+41 (0)21 343 52 87
+41 (0)22 591 22 63