FLOW TRADERS Q320 TRADING UPDATE
Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces its unaudited Q320 trading update.
|€million||Adjusted Q320*||Q320||Q220||Adjusted YTD 9m20*||YTD 9m20||YTD 9m19|
|Net Trading Income||78.3||78.3||229.9||803.2||803.2||170.3|
|Net Trading Income||78.3||78.3||229.9||803.2||803.2||170.3|
|Total Operating Expenses||40.5||46.5||89.3||301.0||307.0||103.1|
|Write offs, tangible assets||-||-||-||-||-||-|
|Profit Before Tax||34.4||28.4||137.0||491.6||485.6||56.3|
|EPS*** (in €)||0.64||0.51||2.51||8.91||8.78||0.99|
* Adjusted for €6.0m one-off expense related to the Flow Traders Foundation donation
** Of which fixed employee expenses were: Q320 - €11.6m; Q220 - €11.0m; YTD 9m20 - €34.5m; YTD 9m19 - €32.0m
*** Weighted average number of shares outstanding during Q320 was 45,103,408 and during YTD 9m20 was 45,362,072. 45,126,431 shares were outstanding as at 30 September 2020
Value Traded Overview
|€billion||Q320||Q220||Change||YTD 9m 20||YTD 9m 19||Change|
|Flow Traders ETP Value Traded||324.4||378.7||(14%)||1,144.6||758.0||51%|
|APAC ex China||20.4||17.9||14%||58.3||30.8||89%|
|Flow Traders’ non-ETP Value Traded||726||989||(27%)||2,930||2,249||30%|
|Market ETP Value Traded1||7,374||9,195||(20%)||27,516||18,108||52%|
|APAC ex China||337||487||(31)%||1,300||643||102%|
1. Source - Flow Traders analysis
Q320 Regional Highlights
Flow Traders Foundation
Management Board Comments
CEO Dennis Dijkstra stated:
“Once again, our focus this quarter was on the health and wellbeing of our colleagues as well as ensuring the uninterrupted provision of liquidity to market participants. Our business continues to function as normal and the whole organisation has demonstrated considerable agility and resilience this year. We are closely monitoring the COVID-19 pandemic and are confident in our ability to manage any eventuality with our business continuity plan. We have also invested in delivering our strategy of expanding our global ETP footprint as well enhancing coverage of fixed income, currencies and crypto trading. We also maintained our strong cost discipline and conservative capital position while implementing this growth strategy. It is also pleasing to note that despite the pandemic, we are continuing to grow our business by attracting and recruiting the best talent. Indeed, we successfully onboarded a large intake of new graduates on 1 September.
”Now that the initial funding for the Flow Traders Foundation has been put in place, material charitable donations are expected to be made later this year. These donations will be in addition to the €2.5 million donated earlier this year by employees of Flow Traders to a select number of charitable foundations around the world. All of us here at Flow Traders feel that it is more important than ever to continue contributing to society’s health and well-being.”
Chief Trading Officer Folkert Joling added:
“Further market normalisation combined with the usual seasonal impacts resulted in lower levels of activity in the third quarter versus previous quarters in 2020. Nonetheless, volumes and volatility levels were higher compared to the same period in 2019 and this translated into better trading results globally. Trading in commodities related products continued to have a positive effect on our business. We have connected to additional counterparties and this has contributed to the rise in our market share this quarter.”
Preliminary Financial Calendar
15 January 2021 Start Silent Period ahead of Q420 / FY20 results
12 February 2021 Release Q420 / FY20 results (incl. analyst conference call)
5 March 2021 Release 2020 Annual Report
31 March 2021 Start Silent Period ahead of Q121 trading update
20 April 2021 Release Q121 trading update (no analyst conference call)
23 April 2021 AGM
Flow Traders N.V.
Jonathan Berger / Investor Relations Officer
Phone: +31 20 7996799
About Flow Traders
Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanding into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances. We continuously grow our organization, ensuring that our trading desks in Europe, the Americas and Asia can provide liquidity across all major exchanges, globally, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning.
Important Legal Information
This press release is prepared by Flow Traders N.V. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.
The information and materials contained in this press release are provided ‘as is’ and Flow Traders N.V. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.
This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.
Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.
Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.
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Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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