Slow second half fails to dent GL Trade

Slow second half fails to dent GL Trade

GL Trade, the French financial trading software house, is reporting organic growth of 44.8% on 2001 turnover of EUR102 million, at the top end of market expectations.

GL Trade says it benefitted from the strength of the business in the European market where the company opened two new offices in July, 2001 (Milan and Brussels), and in the US market where turnover grew to represent 10% of the group turnover. Turnover generated outside France grew to represent 60% of group turnover for 2001, against 52% in 2000.

Despite slowing second half sales of its e-broker and Minitel product, the firm is forecasting continued growth through 2002. The company says it will continue to extend to local markets with the opening of subsidiaries in Canada and Northern Europe, as well as in South Africa, where an office will be opened to support a new five year contract with the Johannesburg Stock Exchange.

The company is also planning to extend its product offering in the order management system market and through the sale of exchange interface access. In June GL Trade acquired Finsoft and says an operational product has been developed in the last six months.

An additional EUR0.5 million of turnover was contributed by Finsoft during the six months since its acquisition.

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