Compagnie Financière Tradition reports increase in Q1 2023 revenue
Swiss interdealer broker Compagnie Financière Tradition today provided a trading update for the first three months of 2023.
The company said the level of activity for the first quarter continued along the lines of last year, with consolidated adjusted revenue growing 13.0% for the period at constant exchange rates, driven by central bank monetary tightening policy to combat stubborn inflation.
Against this backdrop, Compagnie Financière Tradition reported consolidated revenue of CHF 271.6m in the first quarter 2023 compared with CHF 247.7m in same period in 2022, up 9.6% at current exchange rates. At constant exchange rates, consolidated revenue presented an increase of 14.3%.
In the first quarter of 2023, the Group’s consolidated adjusted revenue was CHF 290.5m compared with CHF 268.7m in 2022, an increase of 13.0% at constant exchange rates. The adjusted revenue from interdealer broking business (IDB) was up 13.3% at constant exchange rates while the forex trading business for retail investors in Japan (Non-IDB) presented an increase of 3.0%.
Let’s recall that the company posted consolidated net profit of CHF 97.4m for 2022 compared with CHF 71.5m in 2021 with a Group share of CHF 89.1m against CHF 65.3m in 2021, an increase of 40.3% at constant exchange rates.
In 2022, the Group’s adjusted consolidated revenue was up 10.6% at constant exchange rates to CHF 1,028.6m, compared with CHF 950.8m in 2021. Adjusted revenue from interdealer broking business (IDB) grew 10.4% at constant exchange rates to CHF 994.7m, while revenue from the online Forex trading business for retail investors in Japan (non-IDB), was ahead 14.6% to CHF 33.9m.