CFT Robust Financial Results: 24.5% Increase in H1 2024

Compagnie Financière Tradition SA (CFT) has announced robust financial results for the first six months (H1) of 2024, continuing its growth trajectory from the previous year. The Group’s consolidated revenue, including joint ventures, rose by 9.2% at constant exchange rates to CHF 577.0 million, up from CHF 552.4 million in the same period last year.

Revenue from interdealer broking (IDB) grew by 9.4% at constant exchange rates, reaching CHF 560.3 million. Additionally, the online forex trading business for retail investors in Japan (Non-IDB) saw a 4.9% increase, totaling CHF 16.7 million.

Operating profit, including joint ventures, surged by 12.0% at constant exchange rates to CHF 79.9 million, compared to CHF 74.0 million in H1 2023, resulting in an operating margin of 13.8%. The Group also reported a turnaround in financial income, with net financial income of CHF 1.7 million for the period, reversing the net financial expense of CHF 4.5 million recorded in H1 2023. Interest income from cash investments benefitted from the favorable interest rate environment, boosting net income to CHF 2.6 million.

CFT Announces Robust Financial Results: 24.5% Increase in H1 2024

So, the Group experienced a modest impact from net foreign exchange gains and losses, contrasting with a CHF 3.9 million loss in the previous year. The share of results from associates and joint ventures was CHF 12.4 million, a 7.0% increase at constant exchange rates from the previous year.

Consolidated net profit climbed to CHF 63.9 million, up from CHF 54.0 million in H1 2023. The Group’s share of net profit rose by 24.5% at constant exchange rates to CHF 60.0 million, leading to a 21.9% increase in basic earnings per share to CHF 7.98.

Also, as of June 30, 2024, the Group maintained a solid balance sheet with consolidated equity of CHF 456.9 million, an increase from CHF 426.0 million at the end of 2023. Net cash, including the Group’s share of net cash from joint ventures, stood at CHF 251.6 million, with gross cash at CHF 464.7 million. Total cash, net of financial debt, was CHF 171.8 million, slightly down from CHF 173.2 million at the end of 2023.

The Group’s activities in July and August have continued in line with the first half’s performance. Moving forward, Compagnie Financière Tradition plans to sustain its growth strategy, focusing on organic expansion and investing in brokerage operations to advance its digitalization efforts and enhance its data and analytics capabilities.

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