Cantor 2015 profits drop

Profits at financial services firm Cantor Fitzgerald in Ireland more than halved to €241,837 in 2015.

The drop in pre-tax profits at Cantor Fitzgerald Ireland Holdings Ltd came despite it posting a 4% increase in revenues, to €16.76m.

But much lower pre-tax profits recorded in 2015 came as a result of the firm’s net gain on financial instruments of €199,101 in 2015 having falling from €612,099 in 2014.

The directors in the accounts said they were satisfied with the revenue generated given the difficult trading conditions experienced by global markets.

The firm deals with high net worth clients and trades markets for institutional clients. It is also a primary dealer in Irish public debt issued by the Government’s National Treasury Management Agency.

Staff numbers rose to 110 people, while staff costs, including pension payments and social welfare costs, increased 14% to €9.9m. Average pay in 2015 was €81,949.

US nationals Shawn Matthews and James Bond, who were on the board 2015, were paid €277,626.

The firm had administrative expenses of €16.72m. Its operating profits of €42,736 were up 18% from 2014.

The firm recorded a net profit of €235,296, after paying tax of €6,631.

The firm’s shareholder funds at the end of December 2015 totalled €25.1m, including accumulated profits of €7.93m.

The company’s cash during the year increased from €8.72m to €9.97m.