GL Trade reports nine-month results
26 October 2007 | 2048 views | 0
Source: GL Trade
GL Trade, the global provider of integrated software solutions for financial institutions, has reported turnover of €147.3m at 30 September 2007, an increase of 8.9% for the same period in 2006.
This figure includes the acquisitions made since July 2006 (Emos in July, Nyfix Overseas in September, FNX in March and Infotec in July 2007) and the disposal of the Fermat business on 1 January 2007.
On a like-for-like basis and at constant exchange rates, organic turnover growth was 4.5%.
The weakness of the dollar and of Asian currencies against the Euro eroded growth by nearly three points in the first three quarters.
The United States saw very strong growth - both organic and from acquisitions - in the first nine months: turnover was up 34% including revenues generated by FNX since 1 March 2007, or by 11% at constant scope and exchange rates, with particularly strong growth in the areas of Post Trade Derivatives and Cash and Derivatives Order Management Systems.
Asia continued to make a strong contribution to Group performances. Turnover was up 22% (14% at constant exchange rates and excluding acquisitions), notably in Singapore and India. The FNX acquisition reinforced the Group's presence in the region, notably in Japan.
In Europe, roughly 20 MiFID projects are underway for a total of approximately €4m in base contracts, to be realised between Q3 2007 and Q1 2008.
Turnover in the Netherlands, Germany and Poland was affected by the end of the distribution contract of Fermat effective on 1 January 2007, which accounted for €8.9m in turnover in the first nine months of 2006.
The recent acquisition of FNX, which came into effect on 1 March, has strengthened GL TRADE's positioning in Capital Market and Risk Management solutions in the US and Asia. FNX contributed turnover of €7.8m at 30 September 2007 (7 months' trading).
In early July, the group also acquired Swiss company Infotec, which specialises in the distribution of market data and financial information, mainly in Switzerland and the UK, complementing GL TRADE's existing businesses in this field. Infotec contributed turnover of €3.3m at the end of September (3 month's activity).
These figures allow GL TRADE to confirm its full-year 2007 target of 5-6% organic growth at constant exchange rates.