19 September 2017
visit www.avoka.com

GL Trade reports Q3 results

03 November 2005  |  693 views  |  0 Source: GL Trade

Revenues grew steadily since the beginning of the year (€43M for Q1; €44M for Q2; €45.9M for Q3); This strong performance is partly due to the dynamic growth in Asia and also to Ubitrade's banking risk management business, whose turnover for the third quarter included once again a high level of non-recurring consulting revenues.

Turnover for the 3rd quarter of 2005 includes €0.7m from Oasis, an American company acquired in early July.

Regional breakdown of trading turnover
In Europe, trading activities continued to be affected by contractions in the market for financial intermediaries. The decline of the turnover in France (-8.3%) and in Europe over all (-8.5%) are correlated to the consolidation of recurring contracts in the beginning of the year. Eastern European development countries, on the other hand, shows strong prospects. GL TRADE has opened an office in Moscow in September to seize the opportunities linked to the expansion of this market.

In the USA, trading grew 43% at constant exchange rates. Davidge Data Systems whose access to US markets offers considerable synergies to GL TRADE’s offer locally, contributed turnover of €3.4m in the region.

Asia, where GL TRADE is now a major player with a presence in six countries, was the fastest growing region for the group, with growth of nearly 19% on a constant scope basis at constant exchange rates.

A profitable diversification strategy
Ubitrade, acquired at the end of 2004, produced turnover of €24m, of which €11.4m in revenue was generated by banking risk management, with nearly half non-recurring consulting revenues. TRADIX (risk management) generated turnover of €3.1m, while UBIX (back office systems for derivatives) contributed €9.6m.

These positive results validated the benefits of the acquisition of Ubitrade. Synergies with GL TRADE's Middle to Back office offer is already beginning to yield positive returns, with the first signature for a full Front to Back ASP solution for derivative markets.

The activity over nine months reinforces the group’s turnover target of 15% to 20% growth for the full year. This range takes into account the strong growth of Q4 2004.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.sibos.comvisit www.capgemini.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10490 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
9871 views comments | 6 tweets | 17 linkedin
iPhone X gets Face ID for Apple PayiPhone X gets Face ID for Apple Pay
8934 views comments | 11 tweets | 22 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
8867 views comments | 6 tweets | 3 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
8556 views comments | 19 tweets | 39 linkedin

Featured job

London, UK (or flexible)

Find your next job