|
In €m |
2005 | 2004 | Change |
| Turnover | 179.2 | 150.1 | +19.4% |
| EBITDA | 35.0 | 31.0 | +13.0% |
| Operating income* | 30.6 | 27.0 | +13.2% |
| % / Turnover | 17% | 18% | |
| Net Profit * | 29.9 | 20.0 | +49.6% |
| % / Turnover | 16.7% | 13.3% | |
| Net Profit | 26.6 | 20.0 | +32.8% |
| Earnings per share (group’s share) | 2.77 | 2.00 | +38.5% |
| Proposed Dividend at the AGM | 1.40 | 1.00 | +40.0% |
*before amortization of intangible elements from acquisitions
Strong growth
The group reported turnover of €179.2m in 2005, an increase of 19.4% on 2004. Organic growth came to 5.2% including a full year turnover from the businesses acquired in 2004 (Davidge Data Systems and Ubitrade) but excluding Oasis, which was acquired in 2005.
The Asia-Pacific region strongly contributed to the group’s overall good results, with organic growth of 19%. The banking risk business area (distribution of the Fermat suite) also performed extremely well, with nearly €15m in non-recurring turnover, including a high level of subcontracted consultancy.
Sale of non-strategic equity stake boosts net income
Operating income before amortization of intangible elements from acquisitions came to €30.6m, a margin of 17% on turnover. This figure includes in particular the costs of the human and technical resources involved with the integration of recent acquisitions and the impact of the introduction of IFRS (mainly affecting stock options and the inclusion of exceptional costs in operating profit).
Amortization of intangible elements of acquisitions constitutes the main impact of the introduction of IFRS. Intangible elements of acquisitions carried out at the end of 2004 have been valued within the one-year period required by IFRS. The amortization charge for these intangible assets amounts to €3.35m in 2005.
The sale of a minority stake in Bourse Connect produced financial income of €8.1m. Including this sale, earnings per share, group’s share, rose by almost 40%.
A 40% increase in dividend
The Board of Directors will ask the Annual General Meeting of shareholders on May 30th, 2006 to approve the payment of a €1.40 dividend per share, an increase of 40% on 2004. This dividend will be paid on 20 June 2006.
Outlook for 2006
Signs of stabilization in the intermediation market consolidation which have been noticed in 2005 should be confirmed in 2006, as reflected by investment strategies from brokers so far this year. GL TRADE can count on the investment it has made in enhancing its range of solutions to boost business levels within the current scope of consolidation.
Some businesses had experienced exceptional activity in 2005. With these non recurring elements in mind, GL TRADE in 2006, has set itself the target of a turnover growth between 2 and 5% at current perimeter.
A meeting will be held to present 2005 results and targets for 2006 on March 8th, 2006 at 3.30pm at the Palais Brongniart.
Forthcoming events
| 1st quarter turnover figures | 3 May 2006 |
| AGM | 30 May 2006 |
| Dividend payment | 20 June 2006 |
| 1st half turnover figures | 25 July 2006 |
