| €m | 2002 | 2001 | Change |
| Sales | 128.9 | 102.1 | +26% |
| Operating profit before goodwill amortisation (EBIT) | 28.0 | 19.9 | +41% |
|
Net
profit before goodwill amortisation |
17.0 | 13.6 | +25% |
| % of sales | 13.2% | 13.3% | +38% |
| Net profit after goodwill amortisation | 14.9 | 10.8 | |
| EPS (1) | €1.39 | €1.00 | |
| Fully-diluted EPS (2) | €1.35 | €0.97 | |
| Proposed net dividend (per share) | €0.70 | €0.41 | +71% |
(1) based on the number of shares in issue at December 31, 2002, i.e. 10,335,788
(2) including the number of warrants in issue at December 31, 2002, i.e. 280,376
ACTIVITY REPORT
In 2002, GL TRADE maintained strong growth despite tough market conditions. Sales grew by 26% to €128.9m from €102m in 2001. 2002 sales include a €3.3m contribution from Japanese firm CGI International, which was acquired in April 2002.
Growth would have been 1.1% higher had it not been for adverse exchange rate movements. GL TRADE's extensive international network means that it has substantial exposure to currency movements - the group currently generates 43% of its sales outside the eurozone, of which 57% are in sterling, 22% in US dollars and 19% in Asian currencies.
Net profit before goodwill amortisation rose in line with sales, and net margin was stable at 13.2%. The rise in net profit after goodwill amortisation was higher (38%) due to amortisation periods for previous acquisitions coming to term.
2002 DIVIDEND
The board will propose a dividend of €0.70 per share to the AGM. This represents a 71% increase on 2001, and a payout of almost 50% of the year's results.
Dividends will be paid on June 18 2003.
OUTLOOK
GL TRADE anticipates that the business environment for financial institutions will remain difficult in 2003. Customers will continue to look for efficiency improvements from their trading solutions as well as cost savings.
In 2002, GL TRADE focused on designing electronic trading and clearing solutions that provide customers with a rapid return on investment. These designs will start bearing fruit in terms of sales in 2003. These solutions are an ideal response to customer requirements, by increasing activity levels (access to new markets via GL NET), boosting productivity and reducing costs (STP, GL WINSIGHT solutions). More new solutions that fit with this strategy will be launched in 2003.
GL TRADE will also use partnerships to offer customers unique products in complementary business areas.
As market leader and through the ongoing development of new products, GL TRADE aims for growth of around 15% in 2003, while maintaining net margin before goodwill amortisation at around 13%.
Diary:
- AGM - May 22 2003
- Dividend payment - June 18 2003
- First-half results - September 1 2003.
