The UK branch of the global company XTX Markets has published its
financial results for 2023, revealing a doubling of profit decline. Despite
this, the company’s management views the results positively, noting that 2022
was an exceptionally strong financial year for the company.
Net Revenue and Profit at
XTX Markets UK Sharply Down
According
to the report published this week, XTX Holdings (UK) Limited, which includes
two trading companies, XTX Markets Limited and XTX Markets Trading Limited,
recorded net revenue of £654.4 million, down from £972.7 million reported the
previous year – a 48% drop.
The
decrease in net profit was even more pronounced, shrinking by 126% from £19.2
million in 2022 to £8.4 million last year. However, the company’s management considers
these results satisfactory.
„The
directors consider that the Company’s underlying performance has met
expectations, taking into account the strong performance in 2022 driven by favorable
conditions in several key markets,” the XTX’s report stated. “Profit after tax
for the year was £8 million, giving a profit after tax margin for the year of
1%.”
Among the
positive news, the company managed to increase the value of its total assets,
which grew to £558.8 million from £541.7 million.
What’s New at XTX?
In April, the company revealed its intention to construct a substantial data center in
Finland. By establishing its own data center, XTX Markets aims to maintain
greater control over its technological infrastructure and ensure the highest
levels of security and performance.
Meanwhile, the
company launched XTX Labs, a dedicated division focused on advancing machine learning-powered algorithmic trading research. The newly introduced AI
Residency Program, spearheaded by XTX Labs, delves into the intersection of
finance and machine learning.
However,
the company has also taken a proactive stance against the growing threat of
financial fraud. In March, XTX Markets warned the public about fraudulent schemes that falsely claim association with its brand. The firm
noted an alarming increase in bogus foreign exchange (FX) and cryptocurrency
scams perpetrated by websites, individuals, and entities attempting to exploit
the trust and reputation of XTX Markets.
This article was written by Damian Chmiel at www.financemagnates.com.
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