Source: GlobeOp Financial Services
GlobeOp Financial Services S.A. ("GlobeOp" or "the Company", LSE:GO.), a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, today announces its preliminary results for the year ended 31 December 2008.
Highlights
- Record revenues of $185 million for the year - versus $166 million in 2007
- Strong net income of $22 million - versus $6.6 million in 2007
- Excellent profit growth - adjusted operating profit* grew 27%
- Continuing operating leverage - adjusted operating profit margin expanded to 27.0% versus 23.7% in 2007
- Significant cash flow generation - cash flow from operations of over $43 million
- Closing AuA of $88bn - only 9% below 2007
- Strong new client wins and asset inflows, offsetting redemptions and negative fund performance
- Significant volume in conversion clients - over 100 funds with $5 billion in AuA converted, an increase of more than 50% versus 2007
- Substantial investments in technology infrastructure & facilities - over $17 million invested in 2008
- Strong balance sheet - $51 million in cash and no debt
- Dividend increased 10% versus 2007 to 1.1 pence per share
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