VIEL & Cie

First-half 2015 Results Operating profit up 57% to €36.1m Net profit - Group share up 32% to €16.8m

First-half 2015 Results

Operating profit up 57% to €36.1m

Net profit - Group share up 32% to €16.8m

 

€m	First half 2015	First half 2014	Var 2014/2015
Consolidated revenue	423.2	368.3	+15%
Operating profit	36.1	23.0	+57%
Profit before tax	37.2	27.5	+35%
Consolidated net profit	25.8	18.5	+39%
Net profit - Group share	16.8	12.7	+32%
Minority interests	9.0	5.8	+56%

 

 

Developments in core businesses

Interdealer broking (IDB)

 Compagnie Financière Tradition (CFT) faced a varying market environment in the first six months of 2015. Activity levels were generally more stable although there were differences among the geographic regions and asset classes. The group benefited from increased volatility in a number of markets while others remained under pressure from the prolonged low interest rates and a continued evolving market structure as a result of regulatory developments. In the context of the regulatory developments in the United States, the group successfully developed the activities and positioning of Tradition SEF, especially through Trad-X, Tradition's market leading hybrid trading platform for interest rate swaps.

Against this backdrop, the group posted consolidated revenue for the first six months of CHF 426.6m compared with CHF 425.4m in the first half of 2014, a rise of 0.3% at current exchange rates, or 1.1% in constant currencies.

In this market environment, the group remained focused on controlling costs by implementing measures to reduce fixed costs and increase flexibility, while minimising reorganisation costs. At the same time, the group maintained its investments in technology, essential to the deployment of its electronic broking strategy, even though these substantial investments have a negative impact on the group's short-term profitability.