Compagnie Financière Tradition today posted its financial results for the first half of 2021, with revenues and profits down from the equivalent period a year earlier.
Tradition registered consolidated net profit of CHF 39.1 million in the first half of 2021, compared with CHF 51.5 million in the first half of 2020 with a Group share of CHF 35.5 million against CHF 48.7 million in 2020, down 24.4% at constant exchange rates.
The Group reported consolidated revenue (IFRS) of CHF 452.0 million against CHF 512.8 million in the first half of 2020, down 9.9% at constant exchange rates.
Reported operating profit was CHF 43.8 million compared with CHF 58.1 million in 2020, down 21.6% at constant exchange rates for an operating margin of 9.7% against 11.3% in the previous period.
The company explains that the activity of the first semester 2021 should be put into perspective with the exceptional volume of activity in the same period last year, particularly in March and to a lesser extent in April.
The adjusted revenue from interdealer broking business (IDB) was down 9.8% at constant exchange rates to CHF 474.5 million while the Forex trading business for retail investors in Japan (Non-IDB) presented a decrease of 13.8% to CHF 16.5 million.
Adjusted operating profit before exceptional items was CHF 58.1 million against CHF 75.5 million in the first half of 2020, down 20.3% at constant exchange rates for an operating margin of 11.8% and 13.5% respectively. Exceptional costs represented CHF 3.7 million, down from CHF 5.6 million in the previous period.
