Flow Traders announced its 2Q/1H 2024 results today, with a Net Trading Income of €79.5m compared to €49.5m in 2Q 2023, and EBITDA of €21.1m compared to €3.2m in the same period last year. Net Profit was €12.8m, with basic Earnings Per Share (EPS) of €0.30, compared to a Net Loss of €4.3m and EPS of -€0.10 in Q2 2023.
Flow Traders has also initiated a multi-layered Trading Capital Expansion Plan to take advantage of significant opportunities it sees in the market and to move the company into a growth phase.
Mike Kuehnel, CEO, said:
“Over the past 18 months, Flow Traders has made a concerted push into new markets, asset classes and geographies, with considerable success. Following the arrival of the newly constituted Board we have conducted a broad-ranging strategic review and concluded that we have a significant opportunity to capitalize on this period of development and move Flow Traders into a growth phase.
“A critical element of this development will be the expansion of our trading capital base, especially given the significant returns we have generated on trading capital historically. Following a review of the various options to achieve this, we are implementing a wide-ranging trading capital expansion plan. As a first element of this we recently secured a €25 million bank term loan, and we are looking at several other ways to increase external financing.
“We have also concluded that a central pillar of the plan, and the most cost-efficient means of increasing our trading capital, is to increase the level of retained earnings in the business. Accordingly, we are suspending regular dividend payments until further notice, a move that will accelerate the expansion of the trading capital base and that the Board is confident will generate long-term value for the shareholders.
“We believe that the firm’s new trading capital expansion plan and the continued expansion of our diversified set of existing and newly emerging trading strategies will deliver significant returns and further strengthen Flow Traders’ role as a leading global trading firm, providing liquidity and efficiency across a wide range of financial markets.”
Read the full results here https://lnkd.in/e6tJdgix