Paris-based capital markets software vendor GL Trade is reporting 10% underlying sales growth for the first three months of the year over Q1 2002, despite some clients putting trading room investment plans on hold.
Including sales from the former CGI Japan unit, which was not consolidated until April 2002, GL Trade reported a 12.5% uplift in sales to €36.1 million.
Sales from outside the eurozone made up 40% of the total and from outside France 70% of Q1 revenues. Adverse movements in exchange rates dented consolidated sales by €1.6m, says the vendor, and sales growth by almost 6 percentage points.
In a statment, the company says business levels in the first quarter were adversely affected by the international economic environment, particular in the US. Despite this, GL Trade reported a nine per cent rise in US dollar sales and encouraging results from Asia and Europe following the conclusion of new Trading System and OMS (order management system) projects.
"Trading System activity remained buoyant, with two new major contract wins offsetting cancellations, and the signature of new OMS and STP contracts," says the vendor. "This business trend is encouraging for the second half of the year if market conditions stabilise."