VIEL & Cie (VIL) H1 2024 earnings summary

Executive summary

• Consolidated revenue for H1 2024 rose 9.7% at constant exchange rates to €597.2M, with all business segments—interdealer broking, online trading, and private banking—contributing to growth.

• Net income increased 31.8% year-over-year to €89.0M, with group share at €65.4M, up 28.4%.

• Operating income including associates reached €108.2M, up 15.0% at constant exchange rates.

• Financial result swung to a €2.6M gain from a €7.3M loss in H1 2023, driven by higher interest and FX gains.

Financial highlights

• Revenue: €597.2M (+9.7% at constant FX), operating income: €82.4M (+15.3%), net income: €89.0M (+31.8%).

• EPS: €1.04 (basic and diluted) vs. €0.80 in H1 2023.

• Equity: €653.7M at June 30, 2024, with group share at €500.1M.

• Dividend of €25.2M paid in June 2024 for FY 2023.

• Cash and equivalents: €442.6M at June 30, 2024.

Outlook and guidance

• Professional intermediation to focus on organic growth and digitalization, with selective external growth.

• Online brokerage expects continued strong client acquisition and innovation, leveraging favorable interest rate environment.

• Market volatility and monetary policy uncertainty expected to persist in H2 2024.

• Trading activity in interdealer broking remained strong into July and August, consistent with H1 trends.