BidFX Reports 17.4% Yearly Jump in FY2022 Turnover

BidFX, which is an SGX Group company and a leading cloud-based provider of electronic Forex trading solutions for the global financial marketplace, has generated revenue of over $34.4 million for the fiscal year 2022 ending on 30 June 2022 (FY22), presenting a year-over-year increase of 17.4 percent, according to the Companies House filing.

The company has operations in the UK, Italy, Hong Kong, and Australia. The operating profits derived from the UK branch stood at $2.3 million, falling from the prior year's $3.5 million. This mainly resulted from a significant increase in administrative fees, which rose from FY21’s $26.4 million to $32.6 million.

Besides, the received interests for the year declined 34 percent on a yearly basis to $2.35 million. The net profit came in at $2.1 million, compared to the previous year’s $2.9 million. The company ended the year with $30.6 million net asset, growing from $28.4 million.

"The company has delivered pre-tax profits mainly due to the strong revenue growth performance. The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world's largest banks, hedge funds, and asset managers currently connected to the platform," the Companies House filing stated. "The company continues to diversify its customer base from different business types and new geographies."