Source: Plus Markets Group
Plus Markets Group plc ("PMG" or the "Group") reports its preliminary results for the year to 31 December 2010.
- Performance in 2010 represents a year of transition.
- Revenues stable at £3.05 million (2009: £3.04 million)
- Significant reduction in underlying administrative expenses to £7.75 million pre restructuring costs of £1.28 million (2009: expenses £11.56 million).
- Loss before depreciation, amortisation, impairment and interest received reduced to £5. 77 million (2009: £8.43 million).
- Operating cost base reduced by 40% to £5 million and Group intention to achieve break-even run rate in 2012.
- The Group has no borrowing and cash and bank balances of £5.89 million (2009: £10.74 million) as at the balance sheet date. It continues to operate within its regulatory capital requirements.
- The Group has sufficient finance to deliver further strategic progress in the coming year.
- Significant strategic opportunity to build a "next generation" stock exchange, with new initiatives launched across primary and secondary markets.
- Creation of the PLUS Derivatives Exchange alongside the PLUS Stock Exchange, represents a large and exciting commercial opportunity.
Commenting on the preliminary results, Chief Executive Officer Cyril Théret said:"2010 has been a year of transition for PLUS Markets during which substantial progress has been made. The Group today is more appropriately structured to meet the key challenges and capitalise on the opportunities presented by fast moving regulation and technology and deliver the next generation of exchange. With the restructuring that has taken place our focus in the coming year will move towards delivery of the substantial revenue opportunities that we can see."