INTL FCStone 2005 Annual Report Download - page 8

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Looking Forward
2005 was a difficult year for us with tough market conditions, financial restatement and having to
re-engineer parts of our infrastructure. Despite this, we believe we have made progress in further
growing and diversifying our business as well as laying the foundation for future growth.
A number of our businesses are still in the early stages of development and as they gain critical mass
we expect that they will contribute significantly to revenue and earnings growth and diversification. We
believe that this growth can be achieved with little in the way of increased infrastructure costs. We
intend to expand these businesses utilizing third party capital, which we believe will lead to higher
earning through the corresponding operational and financial leverage.
However, we are in the business of taking calculated risks. We need to temper our desire to grow with
increased vigilance in our risk management as the Company grows in scale and complexity.
Most members of your management team are significant shareholders in the business and therefore
have their interests aligned with those of all shareholders. By sticking to our defined niche strategy, we
are confident that over time our Company will grow its profitability, customer base, and depth of
business.
We would like to thank all of our colleagues for their contribution to this year’s performance, our Board
for their advice and guidance, our bankers for the financial support and our shareholders for entrusting
their capital to us.
Sean M. O’Connor
Chief Executive Officer