Results for the first half of 2024
Consolidated turnover up 9.7%* to 597.2 million euros
Operating profit of 108.2 million euros, a net increase of 15.0%*
(including associated companies)
Pre-tax profit of 110.8 million euros (+28,1%*)
Net result of 89.0 million euros (+31,8%*)
Net profit – group share of 65.4 million euros (+31,4%)
(* variations are indicated at constant exchange rates)
| In millions of euros | 1is semester 2024 | 1is semester 2023 | Variation** cours variables | Variation** constant rates |
| Turnover | 597,2 | 553,7 | 7,9 % | 9,7 % |
| Other operating income | 1,5 | 2,0 | -25,0 % | -24,9 % |
| Operating products | 598,8 | 555,8 | 7,7 % | 9,6 % |
| Charges d’exploitation | -516,4 | -484,3 | 6,6 % | 8,7 % |
| Operating result | 82,4 | 71,4 | 15,4 % | 15,3 % |
| Share of profit of associated companies | 25,8 | 23,5 | 9,9 % | 14,1 % |
| Operating result including associated companies | 108,2 | 94,9 | 14,0 % | 15,0 % |
| Financial result | 2,6 | -7,3 | 135,3 % | 140,8 % |
| Profit before tax | 110,8 | 87,6 | 26,5 % | 28,1 % |
| Income taxes | -21,8 | -18,4 | 18,6 % | 14,2 % |
| Net result for the financial year | 89,0 | 69,2 | 28,6 % | 31,8 % |
| Group share | 65,4 | 50,9 | 28,4 % | 31,4 % |
| Minority interests | 23,6 | 18,2 | 29,1 % | 33,0 % |
**Based on data calculated in thousands of euros. Changes in the various income statement items at variable exchange rates are calculated on the basis of the average rates for the period, compared with the average rates for the previous period as part of the conversion of currencies of the group’s consolidated subsidiaries. Changes in the various income statement items at constant exchange rates are calculated by using the average conversion rates for period N-1 over the two comparison periods.
Overview of activities
The level of activity in the first half of the year is in line with the previous financial year with growth in all three of the Group’s businesses.
Thus, Compagnie Financière Tradition has continued its growth since the beginning of the year, in line with the previous financial year. Activity in the first half of the year is up in all regions and in the majority of asset classes, stimulated in particular by the Group’s organic growth policy.
Read more
The online stock market activity recorded during the first half a stable volume of orders executed, an increase in the recruitment of new clients and an improvement in its profitability.
Private banking activities recorded strong growth in activity and profitability during the period.
Consolidated results
In the first half of 2024, the consolidated turnover of VIEL & Cie’s operating subsidiaries amounts to 597.2 million euros compared to 553.7 million euros over the same period in 2023, an increase of 7.9% at variable exchange rates.
At constant exchange rates, consolidated turnover stands at 607.4 million euros up 9.7%.
Consolidated operating result including the share of result of associated companies of VIEL & Cie, stands at 108.2 million euros compared to 94.9 million euros over the same period in 2023, an increase of 14.0%. At constant exchange rates, this operating result is up 15.0% compared to the first half of 2023.
The contribution of associated companies and joint ventures recorded an increase of 14.1% at constant exchange rates and amounted to 25.8 million euros.
The financial result records a profit of 2.6 million euros compared to a net loss of 7.3 million euros in the first half of 2023. The improvement in the financial result is mainly explained by increased interest income and foreign exchange results.
The profit before tax amounts to 110.8 million euros in the first half of 2024 compared to 87.6 million euros in 2023, an increase of 28.1% at constant exchange rates.
So, consolidated net income de VIEL & Cie is up 31.8% at constant exchange rates to 89.0 million euros compared to 69.2 million euros over the same period in 2023.
Net result – group share thus records an increase of 28.4% in the first half of 2024 and amounts to 65.4 million euros, compared to 50.9 million euros in 2023. At constant exchange rates, net income – group share is up 31.4%.
With
The Group maintains its focus on the strength of its balance sheet based on significant equity and a strong net cash position while minimizing the level of intangible assets.
This result bears consolidated equity of VIEL & Cie at 653.7 million euros as of June 30, 2024, including 500.1 million euros for the Group’s share and after deduction of the gross value of the treasury shares held by VIEL & Cie for an amount of 20.8 million euros at the acquisition price (i.e. a value of 43.5 million euros at the price of June 30, 2024).
The limited review procedures on the half-yearly consolidated accounts have been carried out by the statutory auditors. Their limited review report is currently being issued.
Perspectives
In its professional intermediation business, Compagnie Financière Tradition’s activity in July and August was in line with the first half of the year. Furthermore, Compagnie Financière Tradition intends to continue its growth policy, primarily organic, as well as its investments in its brokerage business, in order to accelerate the digitalization of all its operations as well as in its data and analytics activities, supported by its expertise developed in data sciences. Furthermore, maintaining the quality of its balance sheet and its rigorous cost management will remain strategic priorities.
In its online stock market business, Bourse Direct is continuing to develop its stock market business with an accelerated pace of recruiting new accounts while offering its customers ever more innovative services and maintaining some of the most competitive rates on the market, including for active traders through its Tradebox platform. The development of its institutional clientele and its Savings division are also at the heart of Bourse Direct’s strategy today with its subsidiary EXOE. The interest rate environment is favorable to Bourse Direct’s business and provides visibility on future revenues.
Half-yearly report
VIEL & Cie’s 2024 half-yearly report will be made available on the company’s website after completion of the limited review: https://viel.com/publications
Paris, September 6, 2024
About VIEL & Cie:
VIEL & Cie comprises three business areas in the field of finance: Compagnie Financière Tradition, present in more than 30 countries, 3th a global player in the professional intermediation sector with more than 2,400 employees worldwide, Bourse Direct, a major player in the online stock market in France, and a 40% equity-accounted stake in SwissLife Banque Privée, present in the private management sector in France.
The VIEL & Cie share (codes: FR0000050049, VIL) is listed on compartment B of Euronext Paris. For more information about our Group, www.viel.com.
Contacts Presse :
| VIEL & Cie | Image 7 |
Attachment
Related News :