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Thread: Saxo

  1. #1
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    Saxo

    08/03/2012

    Today Saxo Bank announces the Annual Results 2011.

    Saxo Bank’s operating income increased 6% in 2011 to reach DKK 3.53 billion, compared to DKK 3.34 billion in 2010. Continued investment in developing the business meant that staff costs and administrative expenses increased 12%. Thus, net profit was DKK 618 million, down 4% from the previous record year. EBITDA of DKK 1.16 billion increased 4% compared to 2010.


    The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said in a joint statement:


    “The general market situation has reduced investors’ risk appetite and put a dampener on capital market activities. Therefore, we are satisfied with this year’s results, which confirm the viability of Saxo Bank’s business model”.


    “Our response to the challenging market situation has been to focus on business growth through geographical expansion and continued product and platform enhancement. The strategic direction of Saxo Bank aims at broadening and diversifying the product and service offerings to reach a broader international client audience. This goes hand in hand with the ambition to tailor offerings directly to the needs of the clients. At the same time, we are proud to be taking an active role in the effort to bringing greater market and product transparency to the online financial services industry”.


    Co-founder and CEO Kim Fournais did an interview with Danish TV2 at 15:00.

    Early this morning Co-founder and CEO Lars Seier Christensen also discussed the Annual Results 2011 on CNBC and Bloomberg. In case you missed it click on the links.

    This morning Lars Seier Christensen talked about the results and the challenges that investors have faced in the past year and the financial uncertainties that the Eurozone countries experiences at the moment.

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    Thumbs up Saxo

    Saxo is doing very well, I feel safe putting my funds with them. Annual reports can also be accessed from their website.

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    I wonder if they will IPO soon...

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