GL Trade's 2004 financial results illustrated strong growth
with the ISV's turnover increasing 17.2% to E150.1m.
The period saw GL embark on significant external development as
the company acquired back office trading firm Ubitrade, Dutch
options market making software firm Iris and US order routing
specialist Davidge. Director of client services, marketing and
communication Philippe Carré confirmed GL was "scanning
the market" for appropriate further acquisitions.
Carré said it was hard to comment on whether Trading
Technologies (TT)'s patent suit against Espeed had impacted on
earnings but did say, "TT has changed the world in which we
live in and of course we're going to follow very closely and
see what happens".
He also pointed out that the company had been providing trading
solutions before the existence of TT: "We are still one of the
very few profitable ISV's in the business and we think this
validates the concept that underpins GL Trade's
GL's operating income increased to E27.1m following
restructuring since the integration of Misys Securities Trading
Systems, which was purchased in November 2003.
GL pointed to its strong international development as a
particular highlight. Notably, 79% of turnover was achieved
outside France and there was 77% growth in Asia.
Net cash dropped from E48m to E11m, partly due to a purchase of
8% of the company's shares following Reuters' divestment of its
holding in the firm.
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