Half Year 2024 Leonteq AG Earnings Call Transcript
Key Points
- Leonteq AG (XSWX:LEON) experienced a 66% growth in terminal transactions compared to the second half of 2023, demonstrating strong client activity.
- The company returned to profitability with a Group net profit of CHF15.7 million in the first half of 2024, compared to a net loss of CHF8.2 million in the second half of 2023.
- Leonteq AG's balance sheet light business model showed substantial growth, contributing significantly to the company's turnover.
- The company maintained a strong capital base, with shareholders' equity increasing by 4% to CHF814.4 million as of June 30, 2024.
- Leonteq AG's proprietary technology platform, Links, saw a 67% increase in product initiation, enhancing client engagement and operational efficiency.
- Leonteq AG faced a challenging market environment with continued low market volatility impacting net trading results.
- The net fee income margin decreased to 67 basis points from 82 basis points in the second half of 2023, partly due to high competition and exceptional transactions.
- The company recognized CHF8.2 million in provisions for legal and regulatory cases, impacting financial results.
- Despite strong turnover growth, the revenue contribution from the balance sheet light business was slightly lower compared to the turnover increase.
- Leonteq AG's share price performance has been disappointing, attributed partly to the earnings volatility inherent in its business model.
Good morning, everyone, and welcome to the press conference call of Leonteq half-year 2024 results. The presentation material, the half year report '24 can be found in the investor relations section of our website. In the same section, we have also provided you a time series data Excel file and the comparison of the analyst consensus versus our actual reported results.
Here with me today are our Chief Executive Officer, Lukas Ruflin; our Chief Financial Officer, Hans Widler. We will start the presentation with the highlights and the business update for the first half. For the same period we will then also further discuss the financial performance. And Lukas finally will take you through a broader overview of the company's development during this more than six years as a CEO.
With that, I hand over to Lukas.
Thank you, Dominik. Good morning and welcome to you, dear shareholders, analysts and media representatives. I
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