GL TRADE posts results in line with the targets set at the beginning of the year

Paris - 28 August 2007

The Group’s Board of Directors, chaired by Pierre Gatignol, has approved the financial statements for the first half of 2007

Earnings in line with the objectives set by the Group GL TRADE posted turnover of €94.3m in the first half of 2007, up 5% compared with last year. 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 again provided strong growth momentum despite the weakness of the dollar and Asian currencies.

Operating profit before goodwill and amortisation increased by 6% to €16.5m. The operating margin decreased slightly on the level recorded in the first half of 2006. It stood at 17.6% of turnover. This margin is expected to advance during the second half of the year as a result of the business cycle and the progressive improvement in the margins of recently acquired business activities.

Net profit rose by 30%. It included a capital gain of €1m on the disposal of Fermat.
Our strategy rewarded GL TRADE has completed the acquisition of FNX in the United States and in Asia, strengthening its positioning in capital markets and risk management solutions. FNX contributed turnover of €4.4m in the first half of the year (4 months' trading).

GL TRADE announced the acquisition on 1 July 2007 of the Swiss company Infotec, which specialises in the acquisition, integration and distribution of financial information in real time. Infotec will help to significantly strengthen GL TRADE’s market data and financial information offering. The company posted turnover of around €10m in 2006 and forecasts growth of close to 30% over the 2007 financial year.

These acquisitions will contribute to the Group’s growth, without jeopardising our 2007 target for the operating margin before amortisation of acquisition-related goodwill of close to 18% of turnover.

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