Interim Results for the Six Months Ended 30 June 2008

6th August 2008

GlobeOp® Financial Services S.A. ("GlobeOp" or "the Company"), (LSE:GO.) a leading independent provider of business process outsourcing, financial technology services and analytics to hedge funds and other asset managers, today announces its interim results for the six months ended 30 June 2008.


- Assets under Administration (AuA) increased 22% ($19bn) to $104 billion
- Revenues grew 21% to $94.5 million - including 21% growth in core middle-, back-office and fund
administration (MBA) business
- Adjusted Operating Profit increased 45% to $24.6 million
- Adjusted Operating Profit as a percentage of revenues expanded to 26.1% versus 21.8% in first half
of 2007
- Transaction Solutions revenue exceeded $2.5 million, 290% growth, driven by GoOTC services
- Cash flow from operations continued to be strong - over $14 million generated in first half of 2008
- Global headcount increased 11% since 30 June 2007 to 1,789 employees
- AuA per employee expanded from $53 million to $58 million due to ongoing productivity
- Interim dividend of 0.65 pence per share will be paid - no dividend payment was made in 2007
- Strong new business pipeline for the second half of 2008 with $1.5 billion of AuA from new clients and
over $1 billion in new funds from existing clients launched in July

Commenting on the results, Hans Hufschmid, chief executive officer, said: "The first half of this year was another period of excellent growth for GlobeOp, despite the continuation of the most challenging market conditions experienced in many years. Increasing assets under administration by more than a fifth over the past year, including $7 billion during the first half of 2008, is a testament to the quality of our systems and services and also to our clients’ resilience. Our profit figures also reaffirmed the power of our
operating model. Similarly, our belief that transaction processing for complex derivatives would be a significant area of growth for GlobeOp has been confirmed by the tripling of revenues from the over-the-counter (OTC) derivatives business, which although still relatively small, demonstrates our leadership in a fast-growing market."

Commenting on the second half of 2008, Mr. Hufschmid added: "Recent activity in our new business pipeline is encouraging. Thus far in the second half of the year, in addition to $1 billion of AuA from new funds launched by existing clients, we have also added $1.5 billion in AuA from newly acquired clients. July represents our strongest month of new client launches this year and we believe it is in part fuelled by a trend of established hedge funds increasingly converting to leading administrators such as GlobeOp. We will maintain our emphasis on sales and marketing activities to expand market share and we remain committed to continual client service enhancements. Combined with our highly efficient and scalable operating model we believe this positions us well for the future. We remain focused on a successful year in 2008 and we
believe full year results will be in line with market expectations."

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