Institutional brokerage and ECN Instinet Group has moved back into the black for Q1 2004, reporting a net profit of $19 million against a net loss of $34 million for the same period last year.
The company, which has split operations into an institutional brokerage - Internet - and pure ECN - Inet - has benefited from firmer markets, raising total revenue for the quarter by 21% to $313 million.
In January, the company announced a major restructuring and cost reduction programme with the aim of cutting $30 million in costs by year end.
Ed Nicoll, Instinet CEO says: "We had a good first quarter driven by robust global markets. Moreover, we began to see the benefits from the separation of our two primary businesses, our newly focused management teams, and our distinct approaches to each customer base."