flatex AG: Best Quarter Ever - Volatility Brings Absolute Record Growth
April 06 2020 - 3:05AM
Business Wire
- On a pro forma basis, more than 17 million transactions were
executed by flatex and DEGIRO in the first quarter (+130% compared
to the same quarter last year)
- Over 170,000 new customers choose flatex and DEGIRO in the
first quarter (+324% compared to the same quarter last year) on a
pro forma basis
- flatex bank AG stand-alone Q1 2020 pre-tax profits exceed 2019
full year pre-tax profits
The outstanding development since the beginning of the year at
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) and
DEGIRO continues on a sustained basis. flatex and DEGIRO gained
more than 170,000 new customers on a pro forma basis in Q1 2020.
35,000 new customers (+218% compared to Q1/2019) opted for flatex
and more than 135,000 customers opted for DEGIRO (+385% compared to
Q1/2019). In the first quarter, flatex Bank processed 6.5 million
securities transactions (+123% compared to Q1/2019), DEGIRO
processed 10.8 million securities transactions (+134% compared to
Q1/2019). The total number of transactions on a pro forma basis
increased by almost 130% compared to the same quarter last year
(pro forma Q1/2019: 7.5 million transactions) to 17.3 million.
"The first quarter was a very exceptional one, each month was a
record month. The current volatility in the markets is extremely
good for our business, despite the reason for the volatility being
anything but nice. However, like many online platforms, we are
benefiting massively from the current environment, achieving very
high economies of scale," says Frank Niehage, CEO of flatex AG.
"Our flatex and DEGIRO colleagues are doing an excellent job. We
are currently operating at an average of three times the normal
load in all processes. Our systems run reliably and have been at
essentially 100% uptime. We are very grateful and proud that
despite the challenging times, we make the impossible possible for
our loyal customers."
In December, flatex already acquired 9.4% of DEGIRO, the
remaining 90.6% of the shares will be acquired after approval by
the Dutch authorities. The relevant DNO approval application was
submitted in February, so that formal regulatory approval and
subsequent closing can be expected in the second quarter of
2020.
"The significant commercial success translates into strong
financials. The Q1 2020 pre-tax profits of flatex Bank AG exceeded
significantly those of the entire year 2019. It will be an absolute
record year, the first quarter results confirm our expectation that
under these conditions we will reach our targets for 2020 of 1
million customers and 35 million transactions far before year end,"
says Muhamad Chahrour, CFO of flatex AG. "Due to our high free cash
flow generation, we will remain a net debt-free company with strong
capital reserves, despite the purchase price of EUR 250 million for
DEGIRO and the given the conditions. From this position of
strategic and financial strength, we will use this momentum
together with our teams to build the first, leading and largest
pan-European online broker."
About flatex AG
flatex AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR)
operates one of the leading and fastest growing online brokerage
businesses in Europe, executing approximately 12.5 million
securities transactions paperless per annum. More than 300,000 B2C
customers are offered top services and a wide range of an
independent product offering at a competitive pricing, based on a
modern, self-developed state-of-the-art technology.
In December 2019, flatex announced the acquisition of DeGiro,
which will make it one of the largest online brokers in Europe.
After completion of the transaction, together they expect to serve
more than one million customers with over 35 million securities
transactions in 2020. In a time of bank consolidation, low interest
rates and digitalization, the flatex Group is thus ideally
positioned for further growth and on its way to becoming Europe's
leading provider of online retail brokerage.
Disclaimer
This release may contain forward-looking statements and
information, which may be identified by formulations using terms
such as "expects", "aims", "anticipates", "intends", "plans",
"believes", "seeks", "estimates" or "will". Such forward-looking
statements are based on our current expectations and certain
assumptions, which may be subject to variety of risks and
uncertainties. The results actually achieved by flatex AG may
substantially differ from these forward-looking statements. flatex
assumes no obligation to update these forward-looking statements or
to correct them in case of developments, which differ from those
anticipated.
Language:
English
Company:
flatex AG Rotfeder-Ring 7 60327 Frankfurt
/ Main Germany
Phone:
+49 (0) 69 450001 0
E-mail:
ir@flatex.com
Internet:
www.flatex.com
ISIN:
DE000FTG1111
WKN:
FTG111
Indices:
Scale 30
Listed:
Regulated Unofficial Market in Berlin,
Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart,
Tradegate Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20200406005256/en/
Muhamad Chahrour CFO & IR flatex AG +49 (0) 69 450001 0
ir@flatex.com
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