Revenues grow by a quarter at Exane’s UK arm

 
Marion Dakers
EXANE Limited, a British subsidiary of the French bank, has become the latest brokerage to report a jump in performance in the wake of a wave of activity in the equity markets.

Exane’s pre-tax profits rose 19.1 per cent to almost €10.5m (£8.6m) in 2013, having slumped by 51 per cent in 2012 as a hiring spree pushed up costs, according to recent accounts.

Revenues at the firm jumped almost 25 per cent to €110.4m, while operating expenses rose by a similar amount to nearly €100m.

Overall headcount rose from 142 to 169 over the year, with most of the new staff placed in the firm’s 101-strong research team.

Exane BNP Paribas, the broker run with BNP Paribas, has snapped up dozens of staff from rivals which have pulled away from equities in recent years.

Exane Limited’s staffing costs rose from €51.4m to €58.8m. Severance costs slumped from almost half a million euros a year ago to €24,109.

Average pay the firm’s 10 code staff was €4.2m for front office staff and €1.7m for support and control roles, according to an online statement.

The company declined to comment on the figures yesterday.