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The Irish Stock Exchange (ISE) has released its financial statements for the year ended 31st December 2008.
Operating profits of €6.6m
Profits from operating activities for the financial year amounted to €6.6m, (€10.8m 2007). Revenues fell by 21% from €30.3m in 2007 to €24m in 2008. Costs decreased by 11% from €19.6m in 2007 to €17.4m in 2008.
The decline in revenues was driven by the global downturn in issuance of specialist financial products, resulting in reduced listings.
Investment losses of €22.1m lead to pre tax loss of €15.5m
Investment losses of €22.1m (including an unrealised loss of €18.9m) were incurred in 2008 compared to investment losses of €11m in 2007. It is the ISE’s policy, in line with international best practice, to mark investments to market. Against a background of significant volatility in equity markets this has resulted in a pre tax loss for the year of €15.5m.
Commenting on the ISE’s financial results, Deirdre Somers, Chief Executive, said, “Despite exceptionally difficult market conditions, the ISE delivered a solid operating performance and profitability in 2008. Investment losses reflect the generally poor performance of equity markets during 2008. While all financial markets continued to be volatile in the early part of 2009, we expect international structured product markets which are key to our financial performance to recover somewhat in the latter half of the year.”
