Compagnie Financière Tradition's consolidated turnover reached CHF 194.8 million in the 2nd quarter 2003, strongly up on the same period last year with a rise of 13.8% in constant terms. At current exchange rates, this figure was 4.9%, having been impacted by less favourable exchange rates on the dollar and sterling compared with those prevailing a year ago.
In the 1st half of 2003, Group turnover rose 3.0% in constant terms (-7.5% at current exchange rates) to CHF 387.7 million, against CHF 418.9 million in the same period last year.
Underlying these results was an uneven performance that saw a slow start to the year, as financial markets marked time, before surging ahead in the second quarter.
These figures are in line with expectations and reflect Compagnie Financière Tradition's good showing in the U.K., which accounts for close to 33% of consolidated turnover, France and Asia, in what is still a difficult world climate. The Group's business model of a diversified product portfolio and broad geographic footprint, significantly limits its dependence on any specific market.
Compagnie Financière Tradition consolidated its leadership position in the 1st half of 2003, and will continue to adapt its organisation to respond to developments in the markets.
Lausanne, 7 August 2003
The press release can be downloaded from the following link:
