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Reconstructing Flow Traders' Q2-to-Q3 accounts locates the income decline in traditional markets and shows how a €20.4m reduction in variable employee costs cushioned higher fixed costs.
Flow Traders reduced a key first-half activity metric by more than 10% while saying net trading income was unchanged. The correction shows how internal trade-counting rules can alter apparent market share and productivity without changing earnings.
Unaudited net profit fell to €6.4m; lower variable pay reduced total expenses, but the savings did not match the fall in income.