FCA-regulated Sucden Financial published its financials for 2021, reporting a sharp 29.4 percent rise in its annual net revenue of the year. The figure came in at £69.8 million, increasing from last year’s £53.9 million.
The pre-tax profits of the company took a more aggressive leap forward. They came in at £18.0 million, which is 1,025 percent higher year-over-year. In 2020, the institutional broker-dealer managed to generate £1.6 million in profits.
In addition, the total net asset on the platform improved from £125.3 million in 2020 to £142.6 million last year.
Commenting on the latest results, Sucden Financial’s CEO, Marc Bailey said: “2021 was a strong year, as we continued to expand our diversified client base and invest in our services. As a result, we are in a solid position for further growth.”
Massive Growth after a Struggling Year
Sucden was established in 1973 and is a subsidiary of one of the leading soft commodity trading groups. It is providing its customers with trading services across multiple asset classes, including forex, metals, soft commodities, energy, equities and financials.
As Finance Magnates reported earlier, the company’s revenue and drop in profit in 2020 were fueled by extreme market volatility and global supply chain disruption at the start of the COVID-19 pandemic. Moreover, it had to make a hundred percent provision as a few of its clients defaulted.
Additionally, the company’s business that year was impacted by the temporary shutdown of the London Metal Exchange (LME).
Sucden recently onboarded Michael Bell as a Coffee Broker to enhance its activities in the soft commodities market.
