Sucden Financial reports lower revenues for FY 2020

abdelaziz Fathi

FX broker and liquidity provider Sucden Financial has reported its financials for the fiscal year ending December 30, 2020. The UK-listed group failed to match the last year’s performance metrics, having suffered from lower revenues and increased expenses for FY 2020.

Over the previous fiscal year, Sucden Financial saw its operating revenue decreasing to £53.9 million, down from £59 million a year ago, or 9 percent lower year-over-year.

In terms of its operational expenses, the figure rose to £52 million in FY 2020, up 13 percent compared to £46 million in 2019.

Sucden Financial reported an operating loss of £2.45 million, compared to a profit of £8.1 million in the previous year. However, other bottom line metrics show that the company managed to turn profit before taxation at £1.56 million, but the figure is way below the £19.7 million it earned in 2019.

Established in 1973, Sucden Financial is a derivatives broker operating in a broad range of markets, including exchange and OTC traded financial and commodity futures and options, equities, and foreign exchange. Sucden Financial is part of Sucres & Denrées, which has a presence in over 30 locations worldwide.

The liquidity provider has recently inked several partnership deals to widen the reach of its services. The company is now part of the growing list of LPs that are searchable and contactable on Liquidity Finder, which allows professional investors or trading businesses to make side-by-side comparisons when selecting their liquidity partners.

Sucden Financial has also partnered with Refinitiv to distribute market insights and premium in-depth investment research via their Eikon platform.

Recently, the company announced multiple new hires in a bid to help expand its client base.

Mike Wilkins, who served as head of FX for Europe, Africa, the Middle East and Asia at StoneX, joined the company as global head of FX sales. Alongside other notable hires, including Toby Warner, Ian Steadman and Steven Robinson, the team will further promote the firm’s range of FX services. Sucden’s catalogue for foreign exchange industry includes spot, forwards, swaps, OTC options, NDOs, NDFs, deliverable FX as well as third-party credit intermediation, direct ECN access, FX clearing and liquidity.

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