- Average daily volume up 21%
- Net earnings of $8.1 million up 45%
- Earnings per share of $0.99 compared to $0.69
Revenues for the first semester of 2005 totalled $30.1 million. Excluding a non recurrent revenue of $5 million from a transaction realized by MX in the first semester of 2004, revenues for the first six months of 2005 represented a 20% increase over the corresponding period in 2004. The overall growth in revenues for the period is primarily attributable to a 27% increase in transaction revenues which reached $12.4 million. Revenues from information systems services grew by 49% to $7.3 million. Net earnings for the first six months of 2005 rose to $8.1 million, or 99 cents per share (94 cents per share on a diluted basis) compared to $5.6 million, or 69 cents per share (68 cents per share on a diluted basis) for the corresponding period in 2004.
“Again, MX results continue to reflect the rapid growth of the market for exchange traded financial derivatives in Canada,” said Luc Bertrand, President and Chief Executive Officer of the Montréal Exchange. “The increased activity on our market, with an average daily volume up 21% over the first six months of 2004, has contributed to higher revenues and profits. Revenues from MX’s information systems services, resulting from the service agreement between the MX and the Boston Options Exchange (BOX) for the management of the technical operations of the US exchange launched in February 2004, also contributed to our performance in the first semester of 2005.”
“MX is clearly benefiting from increased participation of Canadian and foreign investors in the Canadian derivatives market,” added Luc Bertrand. In fact, the volume of activity at the Exchange has been showing strong growth: 15% in 2002, 21% in 2003, 23% in 2004 and again 21% for the first six months of 2005. Moreover, with BOX, MX has diversified its sources of revenues while participating directly to the success of the American equity options exchange which market share hasn’t stopped from progressing month after month. We are therefore very confident about the continued development of our market and MX ability to post a strong performance for the whole of 2005.”
For more information on the volume of activity in the first semester of 2005, please refer to the Press release issued on July 7, 2005 available on MX’s web site at http://www.m-x.ca/f_comm_press_en/013-05_en.pdf
The Financial Report for the six-month period ended June 30, 2005 is posted on MX’s web site at www.m-x.ca.