Compagnie Financière Tradition's Adjusted Revenue of 2021 Decreased to CHF 950.8 Million

For the full year 2021, Compagnie Financière Tradition's consolidated adjusted revenue was CHF 950.8m compared with CHF 981.2m in 2020, a decrease of 2.5% at constant exchange rates. The adjusted revenue from interdealer broking business (IDB) was down 2.8% at constant exchange rates to CHF 917.0m while the forex trading business for retail investors in Japan (Non-IDB) presented an increase of 3.8% to CHF 33.8m.

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Adjusted operating profit before exceptional items was CHF 99.9m against CHF 111.0m in 2020, down 8.0% at constant exchange rates for an operating margin of 10.5% and 11.3% respectively. Net exceptional costs represented CHF 5.8m down from CHF 10.5m in the previous year.

The Group reported consolidated revenue (IFRS) of CHF 873.6m against CHF 903.0m in 2020, down 2.9% at constant exchange rates. Reported operating profit was CHF 73.2m compared with CHF 84.1m in 2020, down 10.6% at constant exchange rates for an operating margin of 8.4% against 9.3% in the previous year.

Net financial expense was down to CHF 10.8m in 2021 compared with CHF 14.4m in 2020. Net foreign exchange results due to exchange rate fluctuations negatively impacted the Group's financial result and represented a loss of CHF 1.7m for the year against CHF 3.8m in 2020. Interest expense on bank borrowings and bonds, net of interest income from short-term cash investments, totalled CHF 6.5m from CHF 7.6m in the previous year.

The share in the results of associates and joint ventures was CHF 22.6m against CHF 17.2m in 2020, up 33.8% at constant exchange rates. Profit before tax was CHF 85.0m compared with CHF 86.9m in 2020. The Group's tax expense amounted to CHF 13.5m against CHF 12.3m in 2020 for an effective tax rate of 22% against 18% in the previous year.

Consolidated net profit was CHF 71.5m compared with CHF 74.6m in 2020 with a Group share of CHF 65.3m against CHF 70.9m in 2020, down 5.5% at constant exchange rates.