IS Prime, which is a part of the ISAM Capital Markets Group, published its financials for the year ending on June 30, 2021, reporting an annual turnover of £37.9 million. Though the figure improved from £36.1 million, the company changed its financial reporting cycle ending on March to June.
In addition, the operating profit took a hit as it came in at £10.1 million, which is down from the previous year’s £17.6 million. The company cited increased expenditure on its people, technology and a larger London office behind the sump in profit.
“We have taken the opportunity to invest in our business over the course of the pandemic and, despite the challenges of operating in this environment and of an increasingly competitive market, we have continued to grow the business and have laid the foundations for continued growth in the post COVID world,” said Raj Sitlani, the Managing Director of ISAM Capital Markets.
“Due to this, our staff and office costs have increased substantially.”
Prime of Prime
IS Prime offers full-service brokerage and execution and also operates as a Prime of Prime providing aggregated pricing sourced primarily from Tier one institutions. Additionally, the company has a regulated Hong Kong subsidiary under which it offers leveraged forex trading services to institutional professional investors.
The latest figures came a year after the company tripped its profits with a 30 percent jump in revenue.
“With our new office, our exceptional team, significant investment in technology and a growing and diversified client base, we believe we are in a strong position for continued growth. We also have plans in place to broaden our offering with a range of new products for brokers, fund and asset managers. This will reinforce our position as a global market-leading Prime of Prime,” Sitlani added.
