Compagnie Financière Tradition registers 9.7% Y/Y increase in revenues in first 9-mo of 2023
Compagnie Financière Tradition saw activity grow during the first nine months of 2023 with reported consolidated revenue of CHF 738.3m compared with CHF 716.3m in the same period in 2022, up 9.7% at constant exchange rates (an increase of 3.1% at current exchange rates).
The Group’s consolidated adjusted revenue was CHF 793.5m against CHF 777.7m in 2022, up 8.8% at constant exchange rates which is the result of an increase of 8.7% in interdealer broking business (IDB) and 10.4% in the Forex trading business for retail investors in Japan (Non-IDB).
The strong international footprint of the Group’s activities had a significant currency effect on consolidated revenue over the period due to the strengthening of the Swiss franc, notably against the US dollar, the pound sterling and the Japanese yen which increased during the third quarter particularly against the US dollar and yen.
Thus, in the third quarter of 2023, reported consolidated revenue was up 3.8% at constant exchange rates with however a base effect arising from a particularly dynamic level of activity over the same period last year due to increased volatility in the markets. At current exchange rates, consolidated revenue was CHF 225.0m compared with CHF 232.4m in the same period in 2022, representing a decrease of 3.2%.
The Group’s consolidated adjusted revenue was CHF 241.1m against CHF 252.6m in 2022 resulting, excluding any currency effect, in an increase of 2.6% with IDB up 2.9% and Non-IDB down 6.3%.
The level of activity in October was up by close to 9% at constant exchange rates on the same period last year.