12th May 2014 11:53
LONDON (Alliance News) - Octagonal PLC Monday said Global Investment Strategy UK Ltd, the boutique custodial and settlement business in which it holds a 9.97% stake, has reported a 79% increase in revenue for its last financial year.
In a trading statement, Octagonal said GIS's revenue more than doubled to GBP2.6 million in the year ended March 31, compared with GBP1.4 million a year earlier.
According to Octagonal, the boutique custodial and settlement business handled 50,5000 custody, settlement and trading transactions during the year, compared with 20,700 in 2013. Settlement values exceeded GBP4.8 billion. 228 new professional accounts opened with GIS during the year, Octagonal said.
"GIS has had an exceptional year and we are expecting this rapid growth to continue in to the 2015 fiscal year. The company will be working closely with the GIS management in exploring ways of increasing our exposure to this exciting global business headquartered here in London," Chairman Donald Strang said in a statement.
Octagonal announced its investment in Global Investment Strategy UK Ltd in late March, paying GBP800,000 in cash for the business.
In April, Octagonal said it will work with GIS on ways of "potentially increasing" its percentage interest in GIS's operating business.
Octagonal shares were Monday quoted at 0.270 pence, down 11.5%.
By Samuel Agini; [email protected]; @samuelagini
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