03 Aug 2011
GlobeOp Posts Record First Half Results, Solid Start to Second Half
GlobeOp Financial Services S.A. ("GlobeOp" or "the Company"), (LSE:GO.) a leading independent provider of business process outsourcing, financial technology services and analytics to hedge funds and other targeted sectors of the financial services industry, today announces its interim results for the six months ended 30 June 2011.
- Assets under Administration (AuA) increased 14% in the first half of 2011 to $170 billion as at 30 June 2011 - an increase of 42% in the past 12 months
- 23% growth in revenues to $110.4 million
- 28% increase in adjusted operating profit to $32.4 million
- Adjusted operating profit margin expanded to 29.4% of revenues versus 28.4% in first half 2010
- Cash of $87.8 million as at 30 June 2011 compared to $60.2 million as at 30 June 2010
- 100% increase in interim dividend to 2.00 pence per share versus 2010 interim dividend
|Profit before tax||$26.0m||$19.9m|
|Earnings per share—diluted||$0.15||$0.12|
|Dividends per share (pence)||2.00p||1.00p|
|Key Performance Indicators|
|Adjusted operating profit*||$32.4m||$25.4m|
|Adjusted operating profit as a percentage of revenues||29.4%||28.4%|
|Profit before tax and exceptionals*||$27.1m||$19.9m|
|Profit before tax and exceptionals as a percentage of revenues||24.6%||22.2%|
|End of period AuA related to MBA revenues (in billions)*||$170bn||$120bn|
KEY * see explanatory note in Financial Review discussion.
Hans Hufschmid, chief executive officer, said:
"GlobeOp performed well during the first half of the year. Revenues grew 23% and adjusted operating profit increased 28% compared to the first half of 2010. We added new clients, particularly in the second quarter, and our new business pipeline is building. We have continued to invest in our capabilities and enhanced our marketing efforts while expanding profit margins and generating strong cash flows. We see an array of growth opportunities for GlobeOp and believe recent global volatility will create opportunities for fund managers over time. We remain optimistic about our business and look forward to the second half of 2011."
Investor Relations: Martin Veilleux—Chief Financial Officer
(UK) +44 20 7190 6600
(US) +1 646-827-2000
Media: Dominic McMullan / Sheena Shah – Brunswick Group
(UK) +44 20 7404 5959
Presentation for Analysts and Investors
A presentation for analysts and investors will be held at 1pm BST / 8am EDT and can be joined via teleconference on +44 (0) 1452 542 400 (conference ID 87790421). The presentation will be available 30 minutes before the call is due to start at http://www.globeop.com/globeop/ab/fi/finrepspres/.
An instant replay facility will be available for 7 days after the call. The dial-in number for the replay facility is +44 (0) 1452 55 00 00 (access code 87790421#). The recorded call will be accessible within 24 hours of the call via www.globeop.com.
For further information please contact Brunswick at +44 (0)20 7404 5959.
Notes to Editors — About GlobeOp
GlobeOp Financial Services (LSE:GO.) is an independent financial administrator specializing in middle and back office services and integrated risk reporting to hedge funds, asset management firms and other sectors of the financial industry – including family wealth, banks, insurance companies, pension funds and corporate treasuries. By outsourcing to GlobeOp, clients can reduce their technology investments and operational risks, while increasing their focus on asset generation and portfolio management. Established in 2000, GlobeOp serves over 200 clients worldwide, representing $170 billion in assets under administration. Headquartered in London and New York, GlobeOp employs approximately 2,000 people on three continents through its 10 offices in the Cayman Islands, India, Ireland, the UK and US. Further information: www.globeop.com, www.twitter.com/GlobeOp, www.globeopindex.com.
® 2011 - GlobeOp Financial Services LLC (GlobeOp). All rights reserved. GlobeOp and the GlobeOp "G" are trade and service marks of GlobeOp and its affiliates.
Certain statements in this announcement of interim results are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as representations that such trends or activities will continue in the future. Accordingly, undue reliance should not be placed on forward looking statements
Follow the link for a full copy of the Interim Results