The EMEA
branch of multibank FX aggregation services provider for spot foreign exchange
trading, FXSpotstream Europe Ltd, increased its revenue and operating profit in
2023. The company’s latest report showed that net profit grew by over 60%.
According to the latest report published in the UK’s
Companies House, FXSpotstream Europe achieved a turnover of $3.5 million,
increasing its revenue by 40% from the $2.5 million reported in the previous
year. It’s worth noting that this marks another consecutive year in which the
company’s main financial indicators have shown positive change.
Although the company also increased its administrative
expenses (from $2.5 million to $3.3 million), operating profit was still more than twice as high as the previous year, reaching $248,000 compared
to $123,000 in 2022.
As a result, net profit after tax grew by over 60% to
$183,000 from $112,000. The company’s assets also increased, amounting to over
$790,000 at the end of 2023.
Source: Companies House, FXSpotStream
FXSpotStream’s Spot
Average Trading Volumes Also High
Additionally,
FXSpotStream noted a significant increase in its Average Daily Volumes (ADV)
for July. The spot forex ADV jumped by 39% compared to the previous year, and
other ADV categories surged by 85% YoY, rising from $14 billion.
Furthermore,
FXSpotStream has named John Ashworth as the Independent Chair of its Board of
Directors. Ashworth, who is currently serving as the CEO of Caplin Systems—a
provider of trading technology—brings more than three decades of expertise in
the tech sector to the role. His prior positions include senior roles at key
FX-centered organizations such as FENICS, GFI, Apama, and FXAll.
Commenting
about the appointment, FXSpotStream’s CEO
Jeff Ward said: “As we continue to mature and expand as a business, there
is a need to add senior leadership with a strong background in independent
governance and technology, and John brings both of these to the table.”
The EMEA
branch of multibank FX aggregation services provider for spot foreign exchange
trading, FXSpotstream Europe Ltd, increased its revenue and operating profit in
2023. The company’s latest report showed that net profit grew by over 60%.
According to the latest report published in the UK’s
Companies House, FXSpotstream Europe achieved a turnover of $3.5 million,
increasing its revenue by 40% from the $2.5 million reported in the previous
year. It’s worth noting that this marks another consecutive year in which the
company’s main financial indicators have shown positive change.
Although the company also increased its administrative
expenses (from $2.5 million to $3.3 million), operating profit was still more than twice as high as the previous year, reaching $248,000 compared
to $123,000 in 2022.
As a result, net profit after tax grew by over 60% to
$183,000 from $112,000. The company’s assets also increased, amounting to over
$790,000 at the end of 2023.
Source: Companies House, FXSpotStream
FXSpotStream’s Spot
Average Trading Volumes Also High
Additionally,
FXSpotStream noted a significant increase in its Average Daily Volumes (ADV)
for July. The spot forex ADV jumped by 39% compared to the previous year, and
other ADV categories surged by 85% YoY, rising from $14 billion.
Furthermore,
FXSpotStream has named John Ashworth as the Independent Chair of its Board of
Directors. Ashworth, who is currently serving as the CEO of Caplin Systems—a
provider of trading technology—brings more than three decades of expertise in
the tech sector to the role. His prior positions include senior roles at key
FX-centered organizations such as FENICS, GFI, Apama, and FXAll.
Commenting
about the appointment, FXSpotStream’s CEO
Jeff Ward said: “As we continue to mature and expand as a business, there
is a need to add senior leadership with a strong background in independent
governance and technology, and John brings both of these to the table.”
