Calamatta Cuschieri Finance plc, which operates in the fields of Financial Advice, Online Trading, Wealth Management, Pensions, Life Insurance, Fund Services and Capital Markets, has published its Interim Report for the first half of 2020, reporting better than projected results. Revenue for the half year ending 30th June 2020 stood at €5.41 million, marking an increase of 8% when compared to the same period in 2019, while earnings before interest, depreciation and amortization (EBITDA) were reported at €1.34m, with profit before tax amounting to €0.76 million.
The year started very positively, nevertheless the onset of the COVID-19 pandemic presented unpreceded challenges; however, as a result of the Group’s business continuity plan and IT capabilities, employees were able to continue to work remotely without any interruptions to the usual services, as well as through our online channels.
The positive performance for the first six months is attributed to the diversity of the revenue streams generated by the Group, whereby certain business lines outperformed and balanced others, in particular our online trading proposition via our proprietary CC Trader app. As a result of the market volatility experienced during the period, the online service experienced a surge in trading, driven by new market participants taking the opportunity to enter the market at lower levels. The growth in new customer numbers, has contributed to a record number of transactions for the period, compared to previous years. An overall healthy net inflow of €93m means that despite market volatility Assets under Management and Administration (AuMA) stood at €1,548 million at the end of the period.
Nick Calamatta, Co-CEO of the Group stated: “The Group registered a good six months considering the effects of the COVID-19 pandemic. We managed to achieve these results thanks to the great effort by all our employees who had to adapt quickly to remote working. Despite the resurgence of the pandemic in the country, we envisage that with our strong management team, our investment in quality people as well as technology that we have garnered over the last few years, we will be able to continue to grow our business.”
The positive first half of 2020 follows the Group’s excellent performance in 2019, where the CC Group achieved an increase of AuMa of 21% and participated in a record number of new issues on the local market.
The local market for saving and investment products continues to flourish with a growing need for high quality financial planning. The Group is addressing this need with constant investment in people and technology in order to focus on its mission and strategy of delivering the best in class service.
The Interim Report 2020 that include the Unaudited Financial Statements are available for download at https://investors.cc.com.mt/.