Operating Profit Hits US$4m at City Networks
City Networks has announced an increase in both revenue and operating profit over the 2002 financial year, making 2003 the fourth consecutive year of growth. For the fiscal year ending June 2003, City Networks delivered a positive financial performance with revenue in excess of US$21,800,000 and an operating profit of over US$4,000,000. The latest results contribute to a compound annual growth rate between 2000 and 2003 of 8 per cent and 16 per cent for revenue and operating profit growth respectively. 2004 will see the company concentrate on initiatives focused on real-time cash and exposure management. Developments in the treasury and derivatives sectors will continue with announcements to come on trader notifications, electronic trading integration and financial messaging, said the company.