Futures and options technology vendor Rolfe & Nolan is reporting its best-ever operating profit in its first year of trading as a private company.
In the year ended 29 February 2004 the company recorded operating profit of £3.03m (2003 - £1.2m) on turnover of £21.8m. These results follow the public-to-private management buy-out backed by private equity firm HgCapital in March 2003 and reflect dynamic market conditions in the world's derivatives markets, with continuing increases in volumes, migration to electronic trading and new exchange launches, such as Eurex US.
Rolfe & Nolan Group's chief executive, Bob Freeman, comments: "It is most gratifying that we have been able to achieve our best ever result in our first year as a private company whilst also investing over £2m in our back and front-office initiatives, Merlin and Edge."
He says the 30-year old company is expecting a substantial increase in revenue and profitability for the current financial year, with contract renewals already in the bag with Commerzbank, Goldenberg-Hehmeyer, Triland USA and Pioneer Futures, strong visibility in managed services and new products coming onstream.