11th Nov 2020 12:53
(Alliance News) - Financial services firm Octagonal PLC on Wednesday said its wholly-owned subsidiary Global Investment Strategy UK Ltd did well in the first half of its financial year, while its Hong Kong-based subsidiary Global Investment Strategy HK Ltd saw its loss widen.
In the six months to September 30, London-based Global Investment Strategy UK Ltd reported revenue of GBP4.8 million, up 41% from GBP3.4 million a year prior.
Profit was up 40% to GBP2.1 million from GBP1.5 million a year before.
Octagonal Chief Executive John Gunn said: "The bright spot over the period has been an increase in client trade execution, which has benefited from increased volatility in equity markets and central banks unprecedented actions to support credit markets. The actual results exceeded management expectations."
Global Investment Strategy HK made a loss of GBP153,000, widening 7.0% from GBP143,000 a year before.
Going forward, Gunn said: "Still, Global Investment Strategy faces an incredibly broad range of outcomes tied to the coronavirus pandemic, and there remain many challenges with no assurances of sustaining these levels of revenue."
Octagonal shares were up 31% at 2.16 pence each in London on Wednesday afternoon.
By Greg Roxburgh; [email protected]
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