Business Irish

Thursday 14 November 2019

Cantor profits slide by 78pc

Cantor Fitzgerald’s Ronan Reid
Cantor Fitzgerald’s Ronan Reid

Gordon Deegan

Pre-tax profits at investment and stockbroking firm Cantor Fitzgerald last year reduced by 78pc to €1.72m.

New accounts filed by Cantor Fitzgerald Ireland Ltd show that the company's profits reduced as its income fell by 5pc, to €21.8m from €22.9m. The chief factor behind the drop in profits was "other operating income" of €4.7m in 2017 that did not occur last year. The income arose from the company's gain from the sale of its stake in the Irish Stock Exchange.

Its operating profit reduced to €1.7m from €3m.

Numbers employed by the company, led by CEO Ronan Reid, last year increased to 129 from 122, and staff costs decreased to €12.5m from €12.6m.

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The directors stated that they were satisfied with the level of turnover, and that they continued to manage costs and develop new income generation opportunities.

Shareholder funds totalled €28m. Directors' remuneration amounted to €250,924.

Irish Independent

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