| EURm | Q1 2004 | Q1 2003 | % |
| France | 7,697 | 9,336 | - 18 % |
| Europe (excluding France) | 21,000 | 16,524 | + 27 % |
| Americas | 2,972 | 3,256 | - 9 % |
| 3,620 (USD) | 3,067 (USD) | + 18 % | |
| Asia | 4,113 | 2,461 | + 67 % |
| Total | 35,783 | 31,577 | + 13.3 % |
Turnover from outside the euro zone represented 48% of the total (from 40% in Q1 2003). Of this 55% was in GBP, 17% in USD, and 22% in Asian currencies. The accounting effect on consolidated turnover of movements in exchange rates was EUR1m, cutting 3.2 points off turnover growth.
Despite the persistent rise in the euro against these other currencies, GL TRADE’s international growth continues: turnover from outside France accounted for 78% of the total for the first quarter of 2004, from 70% a year earlier.
In France, where GL TRADE remains the market leader, turnover continued to decline, due in particular to consolidations in the banking sector initiated in 2002/2003.
In Europe, turnover was boosted by the acquisition from Misys plc in November 2003 of their Securities Trading and Settlement businesses (EUR2.1m in the UK in Q1 2004), together with the move to direct distribution of GL TRADE products in Italy (EUR4.7m in Q1 2004 from EUR2.2m in Q1 2003). Turnover also grew in Belgium and Luxembourg, the Iberian Peninsula and Switzerland. The start of the year was rather tougher in Germany. Early signs from the Russian business are encouraging, although this remains of little significance overall.
In the Americas, currency effects wiped out all the growth generated, as the dollar lost 14.2% relative to Q1 2003.
In Asia, turnover grew strongly due to the combined effects of economic recovery and the acquisition from Misys plc in November 2003 of their Securities Trading business (EUR1.1m in Q1 2004), which gave GL TRADE a dominant competitive position in the region.
Outlook
GL TRADE expects the launch of its new GL STREAM TM Front to Back Solution to consolidate its market position, notably in France, Belgium and Italy, and to help win new market share, particularly in the UK and Germany.
With this in mind, GL TRADE maintains its forecast of turnover growth of between 15% and 20% at constant exchange rates.
Financial statements for 2003 will be submitted for approval to the AGM on 25 May 2004 in Paris. A dividend of €0.70 per share will also be proposed.
