Consolidated turnover was ahead 14.1% (at current exchange rates) .
First-half consolidated turnover was up by 14.1% at current exchange rates, to CHF 442.4 million, against consolidated revenues of CHF 387.7 million a year ago. This represents a rise of 13.7% at constant exchange rates, reflecting the strength of the Swiss franc against the dollar and sterling.
In terms of geographic spread, the UK accounted for 31.7% of turnover, the USA for 30.6%, Continental Europe for 19.6% and Asia for 18.1%.
. with consolidated operating profit up 16.9% at CHF 44.3 million .
Consolidated operating profit for the period rose 16.9% to CHF 44.3 million from CHF 37.9 million a year ago, bringing the consolidated operating margin to 10.0% of consolidated revenues, against 9.8% for the first half of 2003 and 7.8% for the full year.
. and Group share of net profit reaching CHF 42.1 million.
Profit before tax and exceptional items was marginally lower at CHF 42.2 million in the first half, against CHF 43.1 million a year ago, including net financial income which represented a net expense of CHF 2.1 million, against net income of CHF 5.2 million in the first half of 2003. This deterioration is mainly due to consolidated foreign exchange losses of CHF 2.2 million during the period, compared with a net gain of CHF 2.6 million in the corresponding period last year.
First-half results included an exceptional net profit of CHF 21.0 million from the disposal of Compagnie Financière Tradition's two buildings in Lausanne sold to its direct majority shareholder at the end of June 2004.
After taking account of goodwill amortisation of CHF 1.0 million, and a profit of CHF 0.2 million from associated undertakings accounted for using the equity method, consolidated net profit stood at CHF 46.0 million, against CHF 26.7 million in the same period last year.
The share of minority interests was down sharply at CHF 3.9 million, or 8.5% of consolidated net profit, against CHF 4.8 million or 17.9% of consolidated net profit in H1 2003.
Group share of net profit rose 92.2% to CHF 42.1 million in the first half, against CHF 21.9 million a year ago. This result brought consolidated shareholders' capital to CHF 241.7 million at 30 June 2004, of which CHF 219.6 million was Group share, for a net consolidated cash position, including investment securities, of CHF 159.0 million.
With a presence in 16 countries, Compagnie Financière Tradition is one of the world's top three brokers in financial (money markets, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and non-financial products (precious metals, energy products, and pulp and paper). The Company is listed on the Swiss Exchange.
For more information on our Group, visit our site at www.traditiongroup.com.
Lausanne, 15 September 2004
