NEX Group plc (LON:NXG), a financial technology company at the centre of global markets, announces its trading statement for the period from 1 April 2017 to 30 June 2017 ahead of its Annual General Meeting today.
- Q1 Group revenue up 10% on a constant currency basis
- NEX Transformation Programme – on track
- triReduce compression service surpasses $1 quadrillion in notional principal eliminated
Michael Spencer
Michael Spencer, Group Chief Executive Officer of NEX, said:
NEX has established itself as a financial technology company providing the industry with products and services that underpin the entire transaction lifecycle, pre-, during and post execution. We have made good progress towards our medium term aspirations, which will deliver value for our clients and shareholders: a group revenue CAGR of 7-10%, an increase in NEX’s subscription based products, drive profitable growth, and create efficiencies to increase divisional operating margins to at least 40%.
Despite ongoing low volatility and a flat yield curve, financial markets have started the long and slow journey to more normalised conditions with further interest rate rises in the US and early signs of improved economic conditions in Europe.
We continue to deliver best-in-class solutions for our customers and last month achieved a remarkable milestone when our compression service, triReduce, announced that it had eliminated more than $1,000,000,000,000,000 (one quadrillion) in OTC derivative notional principal since launch. We are proud to have worked with our clients and other infrastructure providers to achieve this goal.
Group revenue for the first quarter to 30 June 2017 increased by 10% on a constant currency basis (20% on a reported basis). The NEX transformation programme is on track and as previously indicated the costs to achieve these savings will be approximately £10 million, which will not be treated as an exceptional item.