Advanced Markets’ UK revenue soars by two thirds in 2022
Advanced Markets (UK) Limited, the UK trading arm of a multi-asset liquidity and prime-of-prime service provider, has released its annual report and year-end financial statements for the 12-month period ending December 31, 2022.
The latest results filed with the UK Companies House show a healthy uptick in turnover in conjunction with a modest profit for the reported fiscal period.
For the fiscal year 2022, Advanced Markets’ revenue surged to £2.12 million from £1.29 million in the year prior– this was up by 65 percent year-over-year, by far its largest growth segment.
However, Advanced Markets experienced a rise in administrative expenses during the latest fiscal period, reported at £1.74 million, up by a factor of 33 percent year-over-year from £1.31 million in 2021.
Looking at the group’s bottom-line metrics for the financial year, which factored out interest receivable and other income, Advanced Markets reported a net profit of £372,673. This figure is much better than the £10,330 the company earned a year earlier.
Advanced Markets’ institutional business operates a 100 percent STP/agency model based on its FCA and AFSL licenses. Advanced Markets’ STP platform enables FX market participants to trade on prices streamed by more than ten FX banks in an anonymous market structure.
The company has expanded its liquidity offering throughout the last two years by launching CFDs on single stocks and cryptocurrencies, which marked the first stage of its decisive move into the surging arena.
Earlier this month, the company onboarded UAE-based financial services provider, Daman Securities as its newest client as the latter initiates a strategic expansion of its service portfolio.
As part of this collaboration, Daman Securities will leverage Advanced Markets’ capabilities to provide its traders with access to a diverse array of financial instruments, including major and exotic currency pairs, commodities, indices, metals, and more, all accessible through a unified and user-friendly platform.
Daman Securities plans to offer over-the-counter margined derivative contracts, including Contracts for Difference (CFDs) and spot foreign exchange trading, under the brand name Daman Markets.
Having built a reputable presence in the UAE and the broader GCC region over the past 25 years, the alliance with Advanced Markets allows for greater transparency in pricing, improved execution speed and lower transaction costs.