This figure includes the acquisitions made since July 2006 (Emos in July, Nyfix Overseas in September and FNX in March) and the disposal of the Fermat business on 1 January 2007.
On a like-for-like basis and at constant exchange rates, organic turnover growth was 4%.Asia and the Americas drive growth despite the weakness of the dollar and the Asian currencies. A stronger presence confirmed in the UK.
The USA saw very strong growth, both organic and from acquisitions, in the first half turnover was up 37% including revenues generated by FNX since 1 March 2007, or by 16% at constant exchange rates and on a like-for-like basis, with particularly strong growth in the areas of Post Trade Derivatives, Cash and Derivatives Order Management Systems.
The Asia-Pacific region, with growth of 18% (12% like-for-like and at constant exchange rates), continued to make a strong contribution to the group's performance, especially in Singapore, where recent sales successes have confirmed GL TRADE's position as market leader. The group's expansion in Asia will continue, most notably through the opening of an office in Mumbai to support Indian clients.
Turnover was up 19% in the UK, thanks to a strong level of new contracts, coupled with the strengthening of the product offer and the expansion of the local contract base resulting from the acquisitions of Emos and Nyfix Overseas in the 2nd half of 2006.
Turnover in the rest of Europe was affected by the removal of the Fermat business, which generated turnover of â¬6m in the first half of 2006, from the scope of consolidation on 1 January 2007.
These promising figures allow GL TRADE to confirm its 5% target for organic growth at constant exchange rates over 2007 as a whole.
The group will continue to pursue its strategy of diversification and acquisitions The recent acquisition of FNX, which came into effect on 1 March, has strengthened GL TRADE's positioning in Capital Market and Risk Management solutions in the USA and Asia.
FNX contributed a turnover of â¬4.4m in the first half of the year (4 months' trading).In early July, the group also acquired Swiss company Infotec, which specialises in the distribution of market data and financial information, mainly in Switzerland and the UK, complementing GL TRADE's existing businesses in this field.These companies, both of which are seeing strong growth, will help GL TRADE achieve doubledigit growth in reported turnover in 2007, whilst maintaining operating margins at established levels.