Greenhill & Co. Reports Fourth Quarter Earnings Per Share Of $0.53 And Annual Earnings Per Share Of $1.55

The Firm's revenues, income before tax and net income can fluctuate materially depending on the number and size of completed transactions on which it advised, the size of investment gains (or losses), and other factors.  Accordingly, the revenues and net income in any particular period may not be indicative of future results.

"The general level of global transaction activity remained relatively weak in 2013, with a small further decline in completed transaction volume and a larger decline in the number of completed transactions. Nonetheless, our business proved to be resilient, and our sources of revenue proved to be highly diverse, allowing us to again achieve all four of the primary objectives on which we have historically focused. Our market share increased again, as our advisory revenue for the year was down only 2%, while our large bank competitors appear to have again experienced larger declines in advisory revenue. In each of the past five years we have solidly outpaced that group, with our cumulative advisory revenue increase over that period being 33% compared to a significant decline in aggregate large bank advisory revenue in that period. And in the past three of those years we accomplished that despite keeping headcount flat.  Our compensation ratio rose slightly this year, but was offset by a decline in our non-compensation costs, resulting in a repeat of last year's 25% pretax margin, which again looks set to be the best among our closest peers by a large margin. And our tax rate declined to a level consistent with the regionally diverse sources of revenue that were typical of our business prior to the financial crisis, which caused the US contribution to grow disproportionately for a time. Finally, we not only continued our strong dividend but repurchased sufficient shares to bring our share count slightly lower versus a year ago, all while maintaining a balance sheet with no net debt," Robert F. Greenhill, Chairman, said.

"While we continue to expect M&A activity over time to rebound toward its historic levels, our primary focus is on the things we can control. First, we continue to focus on building a truly global business, and in that regard we are particularly pleased by the nearly 50% revenue rebound in our historically strong European advisory business in 2013.  And despite that significant rebound, the revenue productivity there remains far below its pre-crisis levels, suggesting significant further upside over time. We also saw small gains in Canadian and Japanese client revenue. While Australian revenue declined, we were pleased to advise on several US to Australia cross-border transactions in recent months, and we aim to build on that cross-border advisory capability. And our Brazilian presence is in its very early days, but we are already encouraged by our progress there.  Second, while remaining uniquely focused on client advisory work, we continue to focus on increasing the breadth of our advisory activities. On the corporate advisory side, we continue to develop our advisory capabilities by industry sector, and believe we are still in the early stages of that process. In addition, we are pleased by our progress in the capital advisory (fund placement) business, which grew this year and we believe has significant further potential still to be developed. Third, we continue to focus on managing our business in a disciplined manner. In the past few years we have entered new regions and upgraded our team while maintaining a flat headcount and flat non-compensation costs, resulting in repeatedly strong pre-tax profit margins. In addition, we have continued to return substantial cash to shareholders via both dividends and share repurchases," Scott L. Bok, Chief Executive Officer, commented.

Revenues

Revenues by Source

The following provides a breakdown of total revenues by source for the three month periods and years ended December 31, 2013 and 2012, respectively:

Summarized below is historical advisory revenues by client location and industry for each of the prior five year periods ended December 31, 2013.

Historical Financial Advisory Revenues by Client Location

	For the Year Ended December 31,
	2013			2012			2011			2010			2009
North America	52	%		60	%		48	%		57 Werbung Mehr Nachrichten zur Greenhill & Co Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:05 - ARIVA.DE Redaktion Technologiewerte: TecDAX mit leichten Verlusten (3.185 Pkt.) 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59