Compagnie Financière Tradition has reported its financial results for the Q3 of 2023. The company announced that it closed the third quarter with a consolidated revenue of CHF 225 million. However, this figure marked a decline of 3.2% compared to the corresponding quarter of the previous year.

According to the latest official figures released by the company, the Group’s consolidated adjusted revenue for the three months came in at CHF 241.1 million, as opposed to CHF 252.6 million in the previous year, indicating a decline of 4.8%.

Compagnie Financière Tradition, which is headquartered and listed in Switzerland, operates an interdealer broking venue and is also known for its retail forex brokerage business in Japan through its subsidiary, Gaitame.

Compagnie Financière Tradition Q3 2023 & Share Buyback

The company explained that while the revenue from the interdealer broking business increased by 2.6% between July and September, the non-interdealer brokering business, primarily its Japanese retail brokerage operations, experienced a decline of 6.3%.

In an official statement, the company cited currency effects as a significant factor affecting its consolidated revenue over the period. The Swiss franc strengthened notably against the US dollar, the pound sterling, and the Japanese yen during the third quarter, which impacted their financial results.

Despite the challenges in the third quarter, Compagnie Financière Tradition reported that the level of activity on the platforms it operates increased by nearly 9% in constant exchange rates in October, compared to the corresponding month of the previous year.

The Swiss Group also reported strong results for the first half of 2023. In the first six months, its revenue increased by 11.8% to CHF 552.4 million, and operating profit surged by 41.9% to CHF 74 million. The net profit for the period stood at CHF 54 million.

In addition to its financial results, Compagnie Financière Tradition announced a share buyback program. The company intends to repurchase up to 300,000 bearer shares, equivalent to a maximum of 3.91% of the share capital. This buyback program started in August and is still ongoing, reflecting the company’s commitment to enhancing shareholder value.

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