CC Finance Group has reported positive results in 2020, building on previous years and positioning the group for further growth during 2021 and beyond.
The group, which operates in the fields of financial advice, online trading, wealth management, pensions, life insurance, fund services and capital markets, published its annual report and audited financial statements for the year ending 2020 on April 26.
Despite the disruption caused by the COVID-19 pandemic, the group was able to increase its revenue over the previous years. Revenue for the year ending December 31, 2020, stood at €10.09 million, an increase of €1.5 million, or 16.3 per cent over the previous year, while earnings before interest, tax, depreciation and amortisation (EBITDA) was reported at €2.72 million, with profit before tax amounting to €1.51 million.
Nick Calamatta, co-CEO of the group, said: “2020 will be remembered as a challenging year but transformational in many ways for the group. The challenges of the year allowed us to consolidate as well as formulate a focused strategy for the coming years. Despite this, we managed to achieve very encouraging results. In 2021, we have continued where we left off at the end of 2020, with substantial inflows in the first quarter, reflecting the vaccine optimism and market performance.”
The positive performance throughout the year has been attributed to the diversity of the revenue streams of the group, with certain business lines outperforming and offsetting others. The group’s proprietary CCTrader platform saw a sharp increase in transactions, as well as a record number of new client subscriptions, inflows and traded volumes. CC Fund Services, a fund and corporate services company, had another year of double-digit revenue growth, while Calamatta Cuschieri that provides financial planning and wealth management, registered a continual high demand throughout the year with substantial inflows experienced throughout the year.
Alan Cuschieri, co-CEO of the group said: “2021 is expected to be another year of growth for the group, particularly as regards our digital platforms. We have a steady stream of new offerings coming online and we are also investing in international markets. All of this will bring huge benefits to our customers and we are looking forward to delivering our plans for the second half of the year.”
Both traditional and online investment services registered strong inflows, reflective of the record number of new clients onboarded during the year. As a result, assets under management and administration (AuMA) grew by 21 per cent, from €1.6 billion to €1.9 billion.
The 2020 annual report is available online via this link: https://cc.com.mt.