BidFX Systems, a provider of cloud-based electronic forex trading solutions, published its financials for the period between 7 July 2020 and 30 June 2021, which was after its acquisition by Singapore Exchange (SGX).
According to the Companies House filing, the company ended the 12 months with a turnover of $29.4 million, while the operating profit came in at $3.5 million. Furthermore, by the end of June 2021, the net assets of the company stood at $28.4 million.
The turnover is comparatively higher than the $12 million in revenue it generated in the previous six months. It brought in $2.2 million as operating profits in that period. In the latest financials, the company changed its functioning currency from British pounds to US dollars.
Being a Profitable Company
The after-tax profit for the 12 months came in at $2.9 million, compared to $2.66 million for the previous six months. The figures represented the business of BidFX in the UK and its non-UK branches in Italy, Hong Kong and Australia.
“The company has delivered pre-tax profits mainly due to the strong revenue growth performance. The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds and asset managers currently connected to the platform,” the Companies House filing by the company stated.
Now, the forex technology company is diversifying its customer base with different business types and new geographies.
SGX acquired an 80 percent stake in BidFX in mid-2020, adding to its existing 20 percent stake. Thus, the exchange became the full owner of the forex technology company.
“The synergies between SGX and [BidFX], coupled with the opportunity to support the international FX participants from pre-trade data and analytics, trade execution of post-trade clearing has resulted in a strong performance during the first period,” the filing added.
