BidX Markets Sees Turnover of £300K for Fiscal Year 2022

BidX Markets, a global FCA regulated multi-asset liquidity solutions provider, has revealed its financial results for fiscal year 2022 ended on May 31, 2022, showing strong business profitably in its first full year of operation. The company launched its services on 7 December 2020.

Specifically, the turnover for the period came in at £296,707, compared to £48,525 in the prior fiscal year ending 31 May 2021.

Gross profit reached £229,695 with a margin of 77.41%, while the gross profit was £36,236 at a margin of 74.7% in the same period of last fiscal year.

Profit before taxation amounted to £40,609, and the profit after taxation was £32,997. While in last fiscal year, the company recorded a pre-tax profit of £13,373 and a profit after taxation of £10,832.

BidX Markets stated in a submitted file: "The company's business developed in line with the Board's expectations and early operational stage. The company has continued to gain revenue traction; as such, it has achieved significant compared to the previous fiscal year. However, the business is still in early growth stage."

The file added: "The company continues to look for organic and inorganic opportunities both in the UK and overseas for expansion. The directors expect that the company will continue to grow its business both in its core market and new markets, and this will lead to a continued improvement in the company's financial results."

Over the past year, BidX Markets has strengthened its leadership team with the appointment of Harry Fry as head of APAC, James Roddy as Head of Institutional Sales, Robert Brown as Head of Strategic Development, and Arun Lakhani as Operations Manager.