Aquis Exchange PLC (AIM:AQX) said it has made an encouraging start to the new year as it posted results for 2023 that showed double-digit revenue and profit growth.
The next-generation financial markets group confirmed the headline numbers that it had flagged in a post-close update in January, with net revenue up 13% to £22.7 million and pre-tax profit climbing 15% to £5.2 million.
Earnings per share increased 13% to 19.4p and cash stood at £14.8 million at the end of December.
Chief executive Alasdair Haynes said the company finished to 2023 with an improvement in equity markets share, technology innovations, new contracts and further investment in our key resources.
He said the 2024 outlook is “currently in line with board expectations”.
While acknowledging some macroeconomic uncertainty that may weigh on equity markets, Haynes said, “I believe that our strong team and technology platform should enable us to overcome this and any future challenges.
“Aquis Markets has made an encouraging start to the current financial year, particularly the growth in lit market share as clients react positively to our rule change.”
The change was made in November to proprietary trading rules on its UK and EU trading platforms so that liquidity providers now have the option to choose if they wish to interact with aggressive non-client proprietary trading. As well as increasing market share the following month, Aquis also noted a dilution of the concentration risk away from a small number of liquidity providers to a broader set of investor flows.
Other progress so far this year has included a continued increase in the market share in pan-European trading month on month; new conditional order functionality has been introduced; good progress was seen towards a consolidated tape in Europe; and a real assets market segment is planned.
Haynes also highlighted the opportunities ahead for the Technologies division, following the significant central bank contract win in Columbia to revamp its government bond market.
"Our principal aim in the future remains to deliver robust and sustainable returns for the benefit of shareholders and all our other stakeholders in the medium and long term," he said.