BidX Markets, the London-based multi-asset liquidity
solutions provider, has unveiled its financial results for the fiscal year
2023, showcasing a substantial surge in revenue and profits.
As per the financial statements filed for the
year concluding on May 31, 2023, the company reported an annual revenue of £1,046,768. This marks a
significant increase compared to the previous fiscal year’s revenue of
£296,707.
The fiscal year 2023 concluded with BidX Markets achieving a
noteworthy pre-tax profit of £35,566, and the post-taxation profit amounted to
£28,690. Moreover, the company carried forward retained earnings of £43,829
from the preceding fiscal year, resulting in a cumulative profit of £72,519 at
the close of FY23, contributing to the shareholders’ fund at the end of the
year.
A comprehensive analysis of the income sheet reveals a
robust gross profit of £944,361, boasting an impressive margin of 90.22
percent. While steering its growth trajectory, BidX Markets incurred
administrative expenses amounting to £908,795 for the fiscal year.
“The company’s business developed in line with the Board’s
expectations and early operational stage. The company has continued to gain
revenue traction as such it has achieved significant compared to the previous
fiscal year,” as stated in the Companies House filing.
“The Company continues to look for organic and inorganic opportunities
both in the UK and overseas for expansion. The directors expect that the company
will continue to grow its business both in its core market and new markets and
this will lead to a continued improvement in the company’s financial results.”
BidX Markets’ Robust Financials for Inaugural Year
Earlier, Finance
Magnates wrote that BidX
Markets had reported robust financials for its inaugural full year of
operations ending May 31, 2022. The company generated £296,707 in annual
revenue, a significant surge from the previous fiscal year’s £48,525,
attributable to its late 2020 service launch.
The fiscal year 2022 concluded with a pre-tax profit of
£40,609, post-tax profit of £32,997, and retained earnings of £10,832 carried
forward. Detailed scrutiny of the income sheet revealed a gross profit of
£229,695 with a 77.41% margin, while administrative expenses amounted to
£189,086.
Founded by industry veterans, BidX Markets
operates under Financial Conduct Authority authorization, offering tailored
solutions connecting brokers,
asset managers, and funds to Tier 1 Liquidity. The company, having secured a
9.9% investment stake from Solid, anticipates continued growth in its core and
new markets.
BidX Markets, the London-based multi-asset liquidity
solutions provider, has unveiled its financial results for the fiscal year
2023, showcasing a substantial surge in revenue and profits.
As per the financial statements filed for the
year concluding on May 31, 2023, the company reported an annual revenue of £1,046,768. This marks a
significant increase compared to the previous fiscal year’s revenue of
£296,707.
The fiscal year 2023 concluded with BidX Markets achieving a
noteworthy pre-tax profit of £35,566, and the post-taxation profit amounted to
£28,690. Moreover, the company carried forward retained earnings of £43,829
from the preceding fiscal year, resulting in a cumulative profit of £72,519 at
the close of FY23, contributing to the shareholders’ fund at the end of the
year.
A comprehensive analysis of the income sheet reveals a
robust gross profit of £944,361, boasting an impressive margin of 90.22
percent. While steering its growth trajectory, BidX Markets incurred
administrative expenses amounting to £908,795 for the fiscal year.
“The company’s business developed in line with the Board’s
expectations and early operational stage. The company has continued to gain
revenue traction as such it has achieved significant compared to the previous
fiscal year,” as stated in the Companies House filing.
“The Company continues to look for organic and inorganic opportunities
both in the UK and overseas for expansion. The directors expect that the company
will continue to grow its business both in its core market and new markets and
this will lead to a continued improvement in the company’s financial results.”
BidX Markets’ Robust Financials for Inaugural Year
Earlier, Finance
Magnates wrote that BidX
Markets had reported robust financials for its inaugural full year of
operations ending May 31, 2022. The company generated £296,707 in annual
revenue, a significant surge from the previous fiscal year’s £48,525,
attributable to its late 2020 service launch.
The fiscal year 2022 concluded with a pre-tax profit of
£40,609, post-tax profit of £32,997, and retained earnings of £10,832 carried
forward. Detailed scrutiny of the income sheet revealed a gross profit of
£229,695 with a 77.41% margin, while administrative expenses amounted to
£189,086.
Founded by industry veterans, BidX Markets
operates under Financial Conduct Authority authorization, offering tailored
solutions connecting brokers,
asset managers, and funds to Tier 1 Liquidity. The company, having secured a
9.9% investment stake from Solid, anticipates continued growth in its core and
new markets.
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- Source: https://www.financemagnates.com//institutional-forex/fiscal-year-2023-bidx-markets-achieves-253-revenue-growth/
