Aquis reports progress of integration of NEX Exchange

Maria Nikolova

Plans to enhance Aquis Stock Exchange, formerly known as NEX Exchange, were announced.

Exchange services group Aquis Exchange PLC (LON:AQX) today posted its unaudited results for the six months to end-June 2020, with the Group reporting that integration of NEX Exchange, now known as Aquis Stock Exchange (AQSE), into the Group is progressing well.

Following approval from the FCA, the acquisition of Aquis Stock Exchange (AQSE) was completed on March 11, 2020.

Today, Aquis said that AQSE’s integration into the Group is progressing well. Cost savings derived from synergies have been ahead of management expectations so far. Three new companies quoted on AQSE since acquisition, one of which was post-period end.

In addition, there are plans to enhance Aquis Stock Exchange. These include:

  • Segmenting the market;
  • Gaining greater institutional and asset manager support;
  • Prohibiting short selling;
  • Enhancing trading mechanisms.

In terms of financial results for the first half of 2020, let’s note that revenue increased 42% to £4.9 million (1H19: £3.4 million), whereas EBITDA amounted to £0.54 million (1H19: £0.18 million loss).

Profitability was reached for the first time with a profit after tax of £16,000 (1H19: £623,000 loss).

Regarding more recent developments, Aquis says that current trading is in line with market expectations for the full year, although the Group recognises the volatility of licensing contracts and their timing in this climate and their potential effect on revenues.

Alasdair Haynes, Chief Executive Officer of Aquis, commented:

We are pleased to announce our first period of profitability, reached through further strong revenue growth. This growth has been driven by our existing Members continuing to increase their trading volumes through our pan-European lit equities market.

The completion of the acquisition of Aquis Stock Exchange in March was a milestone for the Group and marked a significant step towards achieving our ambition to become the leading exchange services group in Europe. We have now entered the primary listings market, with exciting plans in motion to further build AQSE into the first choice for quality growth businesses.

While we anticipate the prevailing economic uncertainty will continue to impact market participants in the short to medium term, we have proven we have the right model, team, technology and vision to deliver shareholder value and look to the future with confidence.”

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