ITG Europe posts first half results
ITG Europe, the technology-based equity trading services group, has announced that revenues in the six months ended 25 June 2004, were strong, particularly in the second quarter. ITG Europe, which operates POSIT – the intraday equities crossing system – and offers a range of transaction analysis tools such as TCA and ITG ACE, said its revenues were £7.45 million in the first half of the year, up from £6.74 million for the same period in 2003.
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The Company's performance in the second quarter was particularly encouraging and the period represents ITG Europe's second best performing 3-month period since inception in terms of average daily commission. Revenues rose to £4.06 million, an increase of 10% on the previous year and a 20% hike on the trailing quarter. ITG Europe said that in addition to healthy demand for its core trading products and analytical services, increased portfolio trading and more business from Continental European clients contributed to higher first half revenues.
Over 30 new clients traded with the Company in the course of the first half of 2004 and the second quarter saw a record 212 clients executing business – up 4% on the final quarter of 2003 and 8% higher than in the trailing quarter.
Commenting, Alasdair Haynes, Chief Executive Office of ITG Europe, said: "I am pleased to be able to report robust growth at ITG Europe. Business from Continental Europe and in portfolio trading has increased significantly and it is particularly gratifying that our UK marketshare now puts us among the leading brokers in the country and in pole position in small capitalisation stocks. Looking forward, we will continue to build on our success to date and in line with our tradition of continually producing innovative tools that help our clients measure and cut their transaction costs, we are introducing ITG SmartServers technology in Europe presently."