BidX Markets, the London-based multi-asset liquidity solutions provider, has unveiled its financial results for the fiscal year 2023, showcasing a substantial surge in revenue and profits.
Financial Performance: Pre-tax Profit Hits £35,566
As per the financial statements filed for the year concluding on May 31, 2023, the company reported an annual revenue of £1,046,768. This marks a significant increase compared to the previous fiscal year's revenue of £296,707.
The fiscal year 2023 concluded with BidX Markets achieving a noteworthy pre-tax profit of £35,566, and the post-taxation profit amounted to £28,690. Moreover, the company carried forward retained earnings of £43,829 from the preceding fiscal year, resulting in a cumulative profit of £72,519 at the close of FY23, contributing to the shareholders' fund at the end of the year.
A comprehensive analysis of the income sheet reveals a robust gross profit of £944,361, boasting an impressive margin of 90.22 percent. While steering its growth trajectory, BidX Markets incurred administrative expenses amounting to £908,795 for the fiscal year.
“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 significant [revenue] compared to the previous fiscal year,” as stated in the Companies House filing."
“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.”
BidX Markets' Robust Financials for Inaugural Year
Earlier, Finance Magnates wrote that BidX Markets had reported robust financials for its inaugural full year of operations ending May 31, 2022. The company generated £296,707 in annual revenue, a significant surge from the previous fiscal year's £48,525, attributable to its late 2020 service launch.
The fiscal year 2022 concluded with a pre-tax profit of £40,609, post-tax profit of £32,997, and retained earnings of £10,832 carried forward. Detailed scrutiny of the income sheet revealed a gross profit of £229,695 with a margin of 77.41%, while administrative expenses amounted to £189,086.
Founded by industry veterans, BidX Markets operates under Financial Conduct Authority authorization, offering tailored solutions connecting brokers, asset managers, and funds to Tier 1 Liquidity. The company, having secured an investment stake of 9.9% from Solid, anticipates continued growth in its core and new markets.
