London-based BidX Markets, a multi-asset liquidity solutions provider, filed its financials for the first full year of operations, showing strong revenue and profits. The company generated £296,707 in annual revenue for the period ending 31 May 2022, compared to £48,525 in the previous fiscal year. However, comparing the two fiscal periods would not be appropriate as the firm launched its services in late 2020.

BidX Markets Posts Profits

Additionally, the company ended fiscal 2022 with a pre-tax profit of £40,609, and the profit after taxation came in at £32,997. In addition, it brought forward retained earnings of £10,832 from the previous fiscal year, thus ending FY22 with a profit of £42,839.

A detailed look into the company's income sheet shows that it had a gross profit of £229,695 at a margin of 77.41 percent. The administrative expense for the year came in at £189,086.

"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 significantly compared to the previous fiscal year. However, the business is still in early growth stage," the Companies House filing stated.

A Liquidity Provider to Brokers

Simon Blackledge, a well-known financial services industry figure and other former executives from Barclays Capital, LMAX, and BNP Paribas founded BidX Markets. The firm operates with Financial Conduct Authority (FCA) authorization for holding client funds and operates as a matched principal agency. Its offerings include market-neutral and tailored solutions connecting brokers, asset managers, and funds to Tier 1 Liquidity , connectivity , and distribution services.

On top of that, the London-headquartered company partnered with Your Bourse, Tools for Brokers, Solid, FXCubic, and Gold-i for liquidity distribution, while Beeks Financial Cloud, UltraFX VPS, and Liquidity Connect handle connectivity needs.

Last May, BidX secured investment from Solid, an ultra-low latency multi-bank ECN provider, in exchange for a 9.9 percent stake in the company. Also, the deal ensured a strategic partnership between the two companies.

"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," the Companies House filing added.

Furthermore, BidX increased its headcount with the onboarding of Harry Fry as the Head of APAC, James Roddy as the Head of Institutional Sales, Robert Brown as the Head of Strategic Development, and Arun Lakhani as an Operations Manager.