ITG Europe reports rising revenues
28 July 2005 | 1230 views | 0
Source: ITG Europe
ITG Europe, the technology-based equity trading services group, has announced that revenues in the six months ended 30 June 2005, were £10.68 million. This is significantly ahead of the £7.45 million posted in the same period in 2004, and revenues of £8.87 million reported for the trailing half-year.
The Company's revenues were boosted by enhanced performance across the range of its activities and in particular portfolio trading.
The period under review has been a very productive one for ITG Europe. In April, the European version of ITG's Triton, an all-in-one trade management tool, was launched. Triton brings together ITG's analytical products, such as its transaction cost analysis tool (TCA) and ITG Logic, its pre-trade analytics tool, with its trading capabilities directly to a user's desktop. Triton is Europe's most advanced multi-user execution management system and has been extremely well received by clients.
In May, ITG's flagship product, the POSIT intraday crossing system, was extended to cover equities from a further four countries. The inclusion of Austrian, Danish, Norwegian and Portuguese equities brought the number of European countries covered by POSIT to 15.
On July 13, ITG announced the planned acquisition of Macgregor, a leading provider of trade order management technology, for approximately $230 million. The combined technologies of ITG and Macgregor will provide clients with a best-execution order management system that will closely integrate real-time data, analysis, order management and execution tools into a complete solution for institutional trading desks. In Europe, Macgregor has offices in London and Madrid.
Commenting, Alasdair Haynes, CEO of ITG Europe, said: "The first half of this year has witnessed a step change in the growth and development of ITG Europe. We have seen our financial position established in positive territory, we have further enhanced our core products, such as POSIT, and also launched a mould-breaking system in Triton. Furthermore, the deal with Macgregor by our parent Company, unveiled earlier this month, presents us with new opportunities to broaden the scope of our offering. We have a number of new projects planned for the medium term and look forward to the future with optimism."