Sucden Financial has published its annual financials for 2022, reporting net revenue of £69.5 million. The figure came in almost flat when compared to the previous year’s £69.8 million.

Sucden Financial Remains Profitable

The profitability of the company also followed the revenue. Sucden’s pre-tax profits for the year came in at £18.4 million, which was marginally higher than the £18.3 million it had generated in 2021.

“Sucden Financial delivered another strong performance in 2022, driven by the hard work and expertise of our people and the positive impact of our ongoing strategic initiatives,” said Marc Bailey, the Chief Executive at Sucden Financial. “Our sustained investment in technology and the diversification of our services means the business is well positioned to deliver value in the year ahead.”

An Established Financial Services Firm

Sucden was established in 1973 and is a subsidiary of a leading soft commodity trading group. It provides its customers with trading services across multiple asset classes, including forex, metals, soft commodities, energy, equities, and financials. The UK’s Financial Conduct Authority-regulated company also offers multi-asset execution, clearing, and liquidity.

Furthermore, the company strengthened its balance sheet. It ended 2022 with a total net asset of £160.7 million, compared to £142.6 million at the end of the previous year.

The company posted growth in the last two years after its revenue and profits slumped in 2020 due to the effects of the pandemic on its business. It even had to make a hundred percent provision as a few of its clients had defaulted. Further, its business that year was impacted by the temporary shutdown of the London Metal Exchange (LME).

Last year, Sucden Financial also enhanced its market reach with the acquisition of Atlantic Trading London Limited, which is a proprietary market-making derivative trading company. The deal involved purchasing Atlantic Trading’s trading business, IT, and IP assets.