9th Sep 2020 11:25
(Alliance News) - Aquis Exchange PLC on Wednesday said it has achieved profitability in the first half of 2020 amid an increase in trading volumes.
The equities trading venue said revenue increased during the six months to the end of June by 42% to GBP4.9 million from GBP3.4 million a year ago, with the profitability reached for the first time. Pretax profit totalled GBP12,000 for the half-year versus a GBP621,000 loss reported a year earlier.
"We are pleased to announce our first period of profitability, reached through further strong revenue growth. This growth has been driven by our existing members continuing to increase their trading volumes through our pan-European lit equities market," said Chief Executive Alasdair Haynes.
Aquis said market share of all pan-European trading rose to 4.5% in the first half from 3.6%, with increased volatility driving significant additional proprietary trading.
Going forward, the company said current trading in line with market expectations for the full-year. Although it recognised the volatility of licensing contracts and their potential effect on revenue.
"While we anticipate the prevailing economic uncertainty will continue to impact market participants in the short to medium term, we have proven we have the right model, team, technology and vision to deliver shareholder value and look to the future with confidence," added CEO Haynes.
AIM-listed Aquis shares were trading 0.2% higher in London on Wednesday at 330.70 pence each.
By Evelina Grecenko; [email protected]
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