Cantor Fitzgerald profits slump as turnover hit by 'difficult trading conditions'
Pre-tax profits at the Irish arm of financial services firm Cantor Fitzgerald more than halved to €241,837 in 2015.
The 62pc drop in pre-tax profits at Cantor Fitzgerald Ireland Holdings came in spite of revenues at the firm increasing by 6pc going from €15.75m to €16.76m.
According to the directors' report for the firm's Irish performance in 2015, the directors state that they are satisfied with the level of turnover given the difficult trading conditions experienced in global markets.
The directors state that they continue to manage costs and develop new income generation opportunities. They state that they are satisfied with the performance of the group during the year.
The principal activity of the business is retail financial services for high net-worth clients, debt capital markets and traded equity services for institutional clients as well as investment banking services.
The increase in business for the firm during the year is reflected in the numbers employed going up from 101 to 110.
Total staff costs, including pension payments and social welfare costs, went up 14pc from €8.6m to €9.9m. The salary costs of €9m show that the average salary at the firm in 2015 totalled €81,949.
The firm's profits take account of non-cash depreciation costs totalling €277,626 and amortisation costs of €268,031.
Shawn Matthews and James Bond served as directors in 2015 and total remuneration for the two US nationals increased marginally to €277,626.
The firm's administrative expenses of €16.72m resulted in operating profits of €42,736.
The operating profits recorded represented an increase of 18pc on the €36,214 operating profit enjoyed in 2014.
The much lower pre-tax profits recorded in 2015 compared to 2014 came as a result of the firm's net gain on financial instruments totalling €199,101 in 2015.
This compared to €612,099 under the same heading in 2014.
The firm recorded a post tax profit of €235,296 after paying tax of €6,631 and shareholder funds at the end of December 2015 totalled €25.1m including accumulated profits of €7.93m.
The US-based parent of Cantor Fitzgerald was devastated in the 9/11 terrorism attacks on the Twin Towers when it lost 658 of its 950-strong New York City workforce.