Exchange Aquis has reported 15 per cent growth in profit before tax despite challenging market conditions last year, with all arms of the business bringing in new revenue.
In the company’s full-year results for 2023, it reported net revenue of £22.7m, up 13 per cent from the year before. Profit before tax came in at £5.2m.
“Although market conditions remain less than favourable, the company has continued to make progress across its business,” said Panmure Gordon analysts Rae Maile and Ross Luckman.
The firm’s market share in pan-European trading has continued to increase month-on-month, going from 4.6 per cent in October 2023 to 5.5 per cent in February 2024.
Aquis Stock Exchange, its competitor to the London Stock Exchange, admitted 16 new companies in 2023, the most of any growth exchange in the UK for the second year running.
The firm also announced in its results that it had won a ‘significant technology contract’ with the central bank of Colombia.
“Given the nature and prominence of the contract, which includes the provision of the front-end trading user interface, we believe this win should provide an incremental proof point as to the quality of the platform and offering,” added Investec analyst Rahim Karim.
Alasdair Haynes, CEO of Aquis, said: “I am really pleased to announce that the Aquis Group has continued to deliver a strong performance with double digit revenue and profit growth across all divisions, despite some of the most challenging market and economic conditions we have ever seen, which have continued into the first quarter of 2024.
“This makes it all the more noteworthy that Aquis was able to deliver growth across all its divisions, with significant progress made on a number of strategic initiatives, including an increase in the pan-European market share of our Aquis Markets division, and a significant technology contract secured with a central bank.”