Trading Update
July 13 2006 - 3:01AM
UK Regulatory
RNS Number:1325G
Commoditrade Inc.
13 July 2006
13 July 2006
Commoditrade Inc
("Commoditrade" or "the Company")
Trading Update
Appointment of Strategic Adviser
Trading Update
The Board of Commoditrade (AIM: CMM) is pleased to announce that it has seen a
strong operational performance from the LME trading team in its first two months
of contribution to the Company. As a result, the Company's results for the
current year ending 31 December 2006, which will include eight months
contribution from the LME trading team, are expected to be significantly ahead
of the current broker estimate of pre-tax profit of #8.5 million which is based
on a full twelve months contribution from the LME trading team.
Changing market conditions, particularly the ongoing volatility in the trading
of base metals has continued to be beneficial to Commoditrade.
Appointment of Strategic Adviser
The Board is also pleased to announce the appointment of Jefferies International
Limited as strategic adviser to the Company. Jefferies International Limited is
wholly owned by Jefferies & Company, Inc, the global investment bank and
institutional securities firm, headquartered in New York.
Note to Editors
In April 2006 Commoditrade acquired Tambelan Company Limited's interest in its
contract with Sucden (UK) Limited, a UK based commodities trading firm for a
total consideration of #24.4 million. As a result of the acquisition
Commoditrade's revenues are derived from the performance of the largest trading
team on the LME where attributable gross profits have grown over the last three
years to #7.1 million in the year ended 31 December 2005. Corvus Capital Inc,
the investment company headed by Andrew Regan holds 21.1 per cent of the issued
share capital of Commoditrade.
-ends-
Enquiries: John Bick tel: 07917 649362
This information is provided by RNS
The company news service from the London Stock Exchange
END
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