Compagnie Financière Tradition sees growth in 2023, despite Q3 revenue dip

  • Stock Market News
Compagnie Financière Tradition sees growth in 2023, despite Q3 revenue dip

Swiss interdealer broker, Compagnie Financière Tradition, posted a rise in consolidated revenue for the first nine months of 2023, reaching CHF738.3 million ($803.2 million). This represents an increase of 9.7% at constant exchange rates from CHF716.3 million ($779.5 million) during the same period in the previous year.

The company's adjusted revenue also demonstrated a significant uptick of 8.8% at constant exchange rates, climbing to CHF793.5 million ($863.5 million) from CHF777.7 million ($846.7 million) in the prior year. This growth was largely fueled by an upswing in interdealer broking business (8.7%) and a surge in forex trading among Japanese retail investors (10.4%).

The performance of the Swiss franc against major currencies such as the US dollar , pound sterling, and Japanese yen had a notable impact on the firm's consolidated revenue. Despite this factor, the overall growth trend remained positive.

However, the third quarter of 2023 saw a dip in the company's revenue by 3.2% at current exchange rates. This downturn was short-lived as Compagnie Financière Tradition reported a rebound in October activity, with levels rising nearly 9% at constant exchange rates compared to the same period last year.

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