13th Jul 2006 07:01
Commoditrade Inc.13 July 2006 13 July 2006 Commoditrade Inc ("Commoditrade" or "the Company") Trading Update Appointment of Strategic Adviser Trading Update The Board of Commoditrade (AIM: CMM) is pleased to announce that it has seen astrong operational performance from the LME trading team in its first two monthsof contribution to the Company. As a result, the Company's results for thecurrent year ending 31 December 2006, which will include eight monthscontribution from the LME trading team, are expected to be significantly aheadof the current broker estimate of pre-tax profit of £8.5 million which is basedon a full twelve months contribution from the LME trading team. Changing market conditions, particularly the ongoing volatility in the trading of base metals has continued to be beneficial to Commoditrade. Appointment of Strategic Adviser The Board is also pleased to announce the appointment of Jefferies International Limited as strategic adviser to the Company. Jefferies International Limited is wholly owned by Jefferies & Company, Inc, the global investment bank and institutional securities firm, headquartered in New York. Note to Editors In April 2006 Commoditrade acquired Tambelan Company Limited's interest in itscontract with Sucden (UK) Limited, a UK based commodities trading firm for atotal consideration of £24.4 million. As a result of the acquisitionCommoditrade's revenues are derived from the performance of the largest tradingteam on the LME where attributable gross profits have grown over the last threeyears to £7.1 million in the year ended 31 December 2005. Corvus Capital Inc,the investment company headed by Andrew Regan holds 21.1 per cent of the issuedshare capital of Commoditrade. -ends- Enquiries: John Bick tel: 07917 649362 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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