Swiss interdealer broker Compagnie Financière Tradition (CFT) has announced strong financial results for the first half of 2024, with revenues reaching CHF 577.0 million, driven by robust performance across all regions and asset classes.
Compagnie Financière Tradition Sees Revenue Growth in Q2 and H1 2024
CFT, headquartered in Switzerland, reported an adjusted revenue of CHF 577.0 million for the six months ending June 30, 2024, up from CHF 552.4 million during the same period last year. The company’s core interdealer broking (IDB) business led this growth, with revenues rising 9.4% at constant exchange rates to CHF 560.3 million. The Non-IDB segment, which caters to retail investors, also showed improvement, with a 4.9% increase to CHF 16.7 million.
Despite the positive results, the company’s reported revenue was affected by currency fluctuations, particularly the appreciation of the Swiss franc against the Japanese yen. As a result, under IFRS standards, the reported revenue grew by 4.6% to CHF 537.1 million.
“Consolidated revenue was influenced by currency effects compared to the first half of 2023, mainly due to the strengthening of the Swiss franc, especially against the Japanese yen,” the company noted.
The second quarter of 2024 saw particularly strong growth, with revenues climbing 14.4% to CHF 293.2 million. The IDB segment recorded a 14.7% increase, while the Non-IDB business grew by 7.0%.
For context, CFT generated CHF 265.6 million in revenue between January and March. Including contributions from joint ventures, the group’s quarterly revenue stood at CHF 283.8 million, slightly down from CHF 290.5 million in the same period last year.
Continued Growth into 2024 Following a Strong 2023
CFT’s strong performance in 2024 builds on the momentum of a successful 2023. In March, the company reported a pre-tax profit of CHF 127.2 million for the previous year, marking a 16.1% increase, with annual IFRS revenue totaling CHF 982.4 million. The net profit rose by 15.9% to CHF 94.4 million.
Further, CFT’s IFRS operating profit reached CHF 105.5 million in 2023, a 19.7% increase from the prior year, with the operating margin improving to 10.7% from 9.9%. Revenue from joint ventures exceeded CHF 1.05 billion, reflecting a 9.5% year-over-year growth. The operating profit from joint ventures rose by 17.1% to CHF 127.7 million, while the operating margin increased to 12.1% from 11.4% the year before.
In addition to its financial achievements, CFT has strengthened its executive team by appointing Michel Everaert as the Global Head of E-Commerce and Digitalization. Everaert will lead the company’s digital strategy, focusing on integrating advanced technological solutions in a customer-centric approach.
CFT, which employs over 2,400 people across more than 30 countries, provides broking and data services for a wide range of financial and non-financial products. The company is listed on the SIX Swiss Exchange.
