GL Trade, the global provider of integrated and multi-market software solutions for financial institutions, has reported turnover of €44.7m for the first quarter of 2007.
On a like-for-like basis and at constant exchange rates, turnover was 2.6% higher than in the same period in 2006.
Turnover from Front Office solutions, the group's traditional core business, was up by more than 8% in the first quarter of 2007 compared to the same period in 2006. This figure included €2.4m from OBMS (Nyfix Overseas), acquired in September 2006, which has significantly strengthened the group's presence in derivative products in the London market.
GL TRADE is working actively to develop synergies with this product offering and to integrate it with other GL TRADE systems. Successes for this product line during the first quarter, and in particular for the Order Management System (OMS) offering, included a major contract with the Singapore Exchange and its members (for 5 years, starting in the fourth quarter), and the Best Sell Side OMS Award at the recent Tradetech exhibition in Paris.
The group's integrated Post Trade Derivatives solution was adopted by several major clients. This product line, which was enhanced by the addition of EMOS tools in 2006, saw turnover grow by more than 10% in the first quarter of 2007. The Post Trade Securities business line reported growth of 4.2% for the quarter. Having enjoyed strong growth in 2006, Tradix, the dedicated range of OTC and cash management tools, saw a slight dip in turnover compared to the first quarter of 2006.
The USA and Asia: continued strong growth in both regions Geographically, growth was driven by the USA and Asia, with turnover up 18% in the Americas and 8% in the Asia-Pacific region. Turnover in France was stable. Thanks to the acquisition of OBMS, the UK now represents more than 23% of the group's turnover, but the consolidation of the Italian banking industry hit the group's Milan-based subsidiary, which saw turnover decline by 12% in the first quarter.
Prospects
The GL TRADE group will continue its policy of integrating recently acquired products in order to offer ever richer functionality to its customers. The commercial success it has already enjoyed confirms the relevance of this strategy in what is now a very mature market. The acquisition of FNX on 1 March has extended the group's expertise in capital markets to cover OTC markets and fixed income products. Given the timeframe involved, FNX was not consolidated in the first quarter figures. Four months of trading at FNX will be included in the figures for the first half.
Annual General Meeting of Shareholders
The Annual General Meeting of GL TRADE's shareholders will take place on Wednesday 20 June 2007 at 11am in the GL TRADE group's offices at 46, rue Notre-Dame des Victoires - 75002 Paris. The board will submit a proposal to the Annual General Meeting that a dividend of €1.10 per share be paid on 6 July 2007.