26th Feb 2021 10:26
(Alliance News) - Aquis Exchange PLC on Friday said it expected to deliver a maiden profit for 2020, on revenue that is expected to grow to a level ahead of market expectations.
Shares in the London-based exchange services provider were 8.7% higher at 565.00 pence on Friday.
For the year, Aquis expects revenue to be no less than GBP11.0 million, reflecting at least a 59% rise from GBP6.9 million the year before.
Revenue growth was attributed to high levels of trading on the Aquis Exchange, with strong technology sales and several clients renewing licensed contracts at the end of the year.
As a result, Aquis expects to report a maiden pretax profit, compared to a loss of GBP1.1 million reported for 2019.
Post 2020, Aquis reported a smooth transition following Brexit, with 99% of its European share trading moved across to its Paris venue since early January.
In addition, following the UK government's agreement on equivalence with Switzerland, the company has resumed trading in Swiss shares with effect on February 4.
Also, Aquis announced the Liberum, Panmure Gordon, Peel Hunt and Zeus Capital have joined the Aquis Stock Exchange as corporate advisors, meaning they will prepare applications and assess the suitability of companies to be admitted to the AQSE Growth Market.
"We have long been well-prepared for Brexit-related changes and are pleased to report the successful and seamless continuation of our operations in the UK and the transfer of our European trading business to the Paris office," said Chief Executive Officer Alasdair Haynes.
"Despite the continued pandemic-related restrictions seen across our markets, we continue to achieve substantial operational progress and have beaten market expectations. Looking forward to 2021, we remain confident in our ability to execute against our growth strategy," Haynes added.
By Dayo Laniyan; [email protected]
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