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Octagonal PLC (OCT)

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Thursday 28 July, 2016

Octagonal PLC

Trading Update

RNS Number : 4474F
Octagonal PLC
28 July 2016
 

28 July 2016

 

 

Octagonal plc

("Octagonal" or the "Company")

 

Trading Update

 

Further to the announcement of 18th July 2016, the Company provides the following trading update for its wholly owned subsidiary, Global Investment Strategy UK Limited ("GIS").

 

GIS reports a record 1st quarter to June 30th 2016 with sales of £1,542,300 and unaudited net profit of £635,445 representing an increase of 18.9% over the comparable quarter in 2015.

 

1st Quarter Highlights:

 

·   Cost efficiencies and margin improvement - Significant work has been undertaken to improve processing efficiencies, client reporting and reducing frictional costs, which will have a positive effect on earnings in the remainder of the year.

 

·   Positive US dollar impact - Positive impact of the strong US$ as revenues are over 70% in US$, with less than 20% in US$ costs.

 

·   Additional services to clients - Imminent launch of a new range of services to our existing client base alongside our settlement and custody services, to include enhanced FX trading, Futures and Options trading and Portfolio management. This continues the Company's strategy of organically growth, offering a broader range of services to clients where it sees long term value.

 

John Gunn reports;

 

"This is a very satisfying 1st quarter, on top of a strong year to 31st March 2016, and it shows that whilst political and economic events have caused markets to be uncertain, GIS has delivered a robust profit for this first quarter of our financial year. The potential for further growth will be enhanced as markets continue to stabilise".

 

GIS further reports that their audited accounts for the year ended 31st March 2016 have been filed with Companies House and show a profit before tax of £1,081,447 on sales of £4,202,540, which were above budget, versus a profit before tax of £29,966 on sales of £3,319,607 in 2015.

 

Audited accounts for Octagonal PLC to 31st March 2016 will follow in due course.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information please visit www.octagonalplc.com or contact:

 

Octagonal Plc

+44 (0) 20  7048 9400

John Gunn




Beaumont Cornish Limited (Nominated Adviser)

James Biddle / Roland Cornish

+44 (0) 20 7628 3396



Northland Capital Partners Limited (Broker)


Patrick Claridge / John Howes / David Hignell

+44 (0) 20 7382 1100

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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