IS Prime adds £38 million in revenue but lags on net profit
FCA-regulated prime brokerage and execution venue, IS Prime generated £37.9 million in operating revenue for the fiscal year ending June 2021.
The turnover figure was slightly higher year-over-year when weighed against £36.1 million in the previous year. The London-headquartered Prime of Prime also reported a massive increase in its net assets, which rose 75 percent in the year just ended. The value of total assets minus its liabilities rose from £10.7 million to £18.8 million as IS Prime retained the previous period’s profits.
But while its revenue increased as volumes rebounded, the company’s net profit dropped to £10.1 million from £17.6 million a year earlier. IS Prime attributed the weak bottom-line metrics to its increased expenditure on personnel, technology and a larger premises in London to accommodate growth.
Raj Sitlani, Managing Director of ISAM Capital Markets comments: “We have taken the opportunity to invest in our business over the course of the pandemic and, despite the challenges of operating in this environment and of an increasingly competitive market, we have continued to grow the business and have laid the foundations for continued growth in the post COVID world. Due to this, our staff and office costs have increased substantially.”
He added: “With our new office, our exceptional team, significant investment in technology and a growing and diversified client base, we believe we are in a strong position for continued growth. We also have plans in place to broaden our offering with a range of new products for brokers, fund and asset managers. This will reinforce our position as a global market leading Prime of Prime.”
IS Prime, part of the ISAM Capital Markets Group, is a prime of prime business owned by the London-based hedge fund International Standard Asset Management. The group offers liquidity aggregation, prime of prime, risk analytics, agency execution and non-fx liquidity. It has recently expanded its cooperation with a number of technology partners, including with Integral OCXTM and FDC’s Condor FX Pro.
Since opening its Hong Kong office in 2017, the company has furthered its expansion in the Asia Pacific region with several key hires as part of a continued commitment to build a global PoP franchise. Looking ahead, it is apparent that IS Prime is intent on entering the cryptocurrency industry, aiming to leverage its technology integration capabilities across the surging industry.