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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flow Traders Ltd | EU:FLOW | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 0.62% | 19.49 | 19.05 | 19.70 | 19.75 | 19.25 | 19.30 | 208,203 | 16:40:00 |
FLOW TRADERS 4Q19 RESULTS Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces its unaudited 4Q19 results. Highlights are:
Financial Overview
€million | 4Q19 | 3Q19 | Change | FY19 | FY18 | Change |
Net Trading Income | 46.1 | 53.3 | (13%) | 216.4 | 383.4 | (44%) |
EMEA (Europe) | 33.4 | 35.2 | (5%) | 138.1 | 153.8 | (10%) |
Americas | 5.7 | 9.4 | (39%) | 47.6 | 189.3 | (75%) |
APAC | 7.0 | 8.7 | (20%) | 30.7 | 40.3 | (24%) |
Net Trading Income | 46.1 | 53.3 | (13%) | 216.4 | 383.4 | (44%) |
Employee expenses (fixed) | 11.6 | 11.1 | 5% | 43.6 | 36.1 | 21% |
Technology expenses | 10.9 | 10.0 | 9% | 39.7 | 35.4 | 12% |
Other expenses* | 3.9 | 3.5 | 11% | 15.0 | 18.4 | (19%) |
One-off expenses | 1.2 | 0.4 | 209% | 1.5 | 0.8 | 88% |
Fixed Operating Expenses | 27.6 | 25.0 | 13% | 99.8 | 90.7 | 10% |
Employee expenses (variable) | 6.8 | 8.8 | (23%) | 37.7 | 92.9 | (59%) |
Total Operating Expenses | 34.4 | 33.8 | 2% | 137.5 | 183.6 | (25%) |
EBITDA | 11.7 | 19.5 | (40%) | 78.9 | 199.8 | (61%) |
Depreciation/Amortisation* | 3.7 | 3.7 | 14.6 | 9.0 | ||
Write offs, tangible assets | - | - | 0.1 | 0.3 | ||
Results subsidiaries | 1.0 | - | 1.1 | 3.4 | ||
Profit Before Tax | 9.0 | 15.8 | (43%) | 65.3 | 193.9 | (66%) |
Tax | 1.8 | 2.9 | 12.2 | 33.0 | ||
Net Profit | 7.2 | 12.9 | (44%) | 53.1 | 160.9 | (67%) |
EPS (in €) | 0.16 | 0.28 | 1.15 | 3.46 | ||
EBITDA margin (%) | 25% | 37% | 36% | 52% |
*Reflects the year-on-year impact of IFRS 16
Value Traded Overview
€billion | 4Q19 | 3Q19 | Change | FY19 | FY18 | Change |
Flow Traders ETP Value Traded | 251.2 | 264.1 | (5%) | 1,009.3 | 899.4 | 12% |
EMEA (Europe) | 132.4 | 132.8 | 0% | 514.9 | 473.9 | 9% |
Americas | 107.7 | 118.5 | (9%) | 452.4 | 391.0 | 16% |
APAC ex China | 11.1 | 12.8 | (13%) | 42.0 | 34.5 | 22% |
Flow Traders’ non-ETP Value Traded | 746 | 817 | (9%) | 2,995 | 2,682 | 12% |
Market ETP Value Traded 1 | 5,480 | 6,174 | (11%) | 23,588 | 25,412 | (7%) |
EMEA (Europe) | 388 | 394 | (1%) | 1,492 | 1,347 | 11% |
Americas | 4,573 | 5,284 | (13%) | 20,140 | 21,800 | (8%) |
APAC | 519 | 496 | 5% | 1,956 | 2,265 | (14%) |
APAC ex China | 201 | 217 | (7%) | 844 | 998 | (15%) |
4Q19 & FY19 Regional Highlights
EMEA:
AMERICAS:
APAC:
Current Trading & Outlook
Management Board Comments
CEO Dennis Dijkstra stated: “During the course of 2019, Flow Traders continued to grow its leading ETP position globally as we traded more ETPs with more counterparties and sought to develop further the ETP ecosystem. A particular highlight is that this year marked the first time that Flow Traders ETP value traded has passed the €1 trillion mark. Meaningful progress has also been made in moving forward the various diversification initiatives, including FX, fixed income and crypto. Leveraging our core strength in ETP trading alongside developing our FX and fixed income capabilities are the key future growth drivers for the business. We also maintained strong cost discipline while implementing our growth strategy and the increase was well within guidance. This year, there will be a further focus on improving efficiency and, therefore, we expect fixed operating expenses to not increase by more than 10%. There will also be no material net increase in FTEs given the investment in people made in the previous two years to support diversification, as well as ongoing organisational improvements.
“IFR and IFD were adopted at the EU level in December last year and we have now moved into the implementation phase ahead of the new regime coming into force in June 2021. Based on our initial analysis, we expect that it will have a neutral to slightly positive impact on our business. Given our conservative capital position, significant excess capital as well as a strong balance sheet, we will be launching a share buyback programme. This buyback in combination with the proposed final dividend will further enhance capital returns to shareholders.”
Chief Trading Officer Folkert Joling added: “4Q19 was a disappointing quarter from a market trading activity perspective which was particularly evident in the US. Typically, the fourth quarter sees stronger levels of market activity and greater degrees of portfolio rebalancing which were largely absent in 4Q19. Despite the subdued market environment for much of 2019, we continued to grow our trading position globally in all regions and consequently we were well positioned to take advantage of the market developments seen at the start of the year. The persistent low levels of volatility experienced during 4Q19 naturally equated to lower NTI generation. Regarding the US specifically, the trading performance was not yet at the targeted level and with the new management team and more dedicated focus, we are confident that this business will be increasingly successful going forward. Since the start of the year, we have already seen an improvement in trading results in the US. In EMEA, we built on and enhanced our leading liquidity provider position in ETPs as certain competitors withdrew from the market. Looking ahead to the remainder of 2020, we will be focusing on a number of trading initiatives involving other index derivatives as well as broadening our FX and fixed income capabilities.”
Preliminary Financial Calendar
28 February 2020 Release Annual Report 2019 31 March 2020 Start Silent Period ahead of 1Q20 trading update 21 April 2020 Release 1Q20 trading update (no analyst conference call) 24 April 2020 AGM 28 April 2020 FY19 final dividend proposed ex-dividend date 29 April 2020 FY19 final dividend proposed record date 5 May 2020 FY19 final dividend proposed payment date 30 June 2020 Silent period start ahead of 1H19 results 14 August 2020 1H20 results release (incl. analyst conference call) Analyst Conference Call and Webcast
The FY19 results analyst conference call will be held at 10:00 am Amsterdam time on Friday 7 February 2020. The presentation will also be accessible via www.flowtraders.com/investors, where the presentation can be downloaded and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.
Contact Details Flow Traders N.V. Jonathan Berger / Investor Relations Officer Phone: +31 20 7996799 Email: investor.relations@flowtraders.com
Important legal information
This press release is prepared by Flow Traders N.V. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments. The information and materials contained in this press release are provided ‘as is’ and Flow Traders N.V. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders. This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material. Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.
By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.
Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation and is an announcement pursuant to Article 5 (1) of the EU Market Abuse Regulation.
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