BidFX Systems, which is owned by Singapore Exchange (SGX) and provides cloud-based electronic forex trading solutions, released its financial results for the year ending on 30 June 2022 and showed an increase in its sales.
According to Companies House, BidFX reported an annual increase of nearly 17.4 percent in its UK operations and branches in Italy, Hong Kong, and Australia, generating more than $34.4 million.
However, the operating profit of the UK company fell to $2.3 million from $3.5 million due to an increase in administrative fees of $32.6 million compared to $26.4 million in the previous year.
This resulted in a pre-tax profit of $2.35 million, a decrease of 34 percent from the last year. The company ended with a net profit of $2.1 million, lower than the $2.9 million reported in the previous year.
The Companies House filing commented:
The company has delivered pre-tax profits mainly due to the strong revenue growth performance. The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds, and asset managers currently connected to the platform.
The company improved its financial situation as its net assets increased to $30.6 million from $28.4 million.
