Half Yearly Report
24 September 2009
24 September 2009 AIM: CMM
Commoditrade Inc.
(“Commoditrade” or “the Group”)
Half Year Report
for the six months ended 30 June 2009
Commoditrade Inc., the AIM-listed commodities investment group, announces its interim results for the six months ended 30 June 2009. Summary Financials
· Total Group Revenue US$9.6 million (2008: US$12.9 million).
· Loss before tax prior to non-cash items US$3.0 million (2008: profit US$2.0 million).
· Loss after including non-cash items totalling US$9.3 million was US$12.3 million (2008: US$23.6 million).
· No debt and net cash at 30 June 2009 of US$8.5 million.
Operations
· Continuation of the volatility in prices experienced in Q4 of 2008 into the first half of 2009. However, in conjunction with this, liquidity also tightened.
· Given these market conditions the Board has continued to maintain its tight control on risk during the first half of 2009.
· Despite the challenging market environment, fee based revenues continued to perform robustly during the first half.
· The Group completed its programme commenced in late 2008 to build-out a new operational and risk platform in line with the strategy to introduce a range of asset trading desks.
Commenting on outlook, David Phipps, Chief Executive, said:
“The challenging market conditions experienced at the end of 2008, as anticipated, continued into the first half of 2009 and the tightening of liquidity in the base metals markets negatively impacted upon H1 Revenues. We expect the business to benefit from more normalised market conditions in the second half of the year.
“Our key focus has been to diversify our future revenue streams and we are pleased to have achieved our target of developing a robust core operational and risk platform to enable us to diversify in to other commodity areas by the end of the half year. As a result of this diversification strategy we will be entering into the energy market in the second half of the year closely followed by other product developments. We expect the benefits of this to accrue in 2010. "
See RIS News for full announcement.
Commoditrade Inc.
(“Commoditrade” or “the Group”)
Half Year Report
for the six months ended 30 June 2009
Commoditrade Inc., the AIM-listed commodities investment group, announces its interim results for the six months ended 30 June 2009. Summary Financials
· Total Group Revenue US$9.6 million (2008: US$12.9 million).
· Loss before tax prior to non-cash items US$3.0 million (2008: profit US$2.0 million).
· Loss after including non-cash items totalling US$9.3 million was US$12.3 million (2008: US$23.6 million).
· No debt and net cash at 30 June 2009 of US$8.5 million.
Operations
· Continuation of the volatility in prices experienced in Q4 of 2008 into the first half of 2009. However, in conjunction with this, liquidity also tightened.
· Given these market conditions the Board has continued to maintain its tight control on risk during the first half of 2009.
· Despite the challenging market environment, fee based revenues continued to perform robustly during the first half.
· The Group completed its programme commenced in late 2008 to build-out a new operational and risk platform in line with the strategy to introduce a range of asset trading desks.
Commenting on outlook, David Phipps, Chief Executive, said:
“The challenging market conditions experienced at the end of 2008, as anticipated, continued into the first half of 2009 and the tightening of liquidity in the base metals markets negatively impacted upon H1 Revenues. We expect the business to benefit from more normalised market conditions in the second half of the year.
“Our key focus has been to diversify our future revenue streams and we are pleased to have achieved our target of developing a robust core operational and risk platform to enable us to diversify in to other commodity areas by the end of the half year. As a result of this diversification strategy we will be entering into the energy market in the second half of the year closely followed by other product developments. We expect the benefits of this to accrue in 2010. "
See RIS News for full announcement.
