Flow Traders Sees Net Profit for Q124 Increase Fivefold QoQ, Names New CTO

Flow Traders, a leading global financial technology-enabled liquidity provider in financial products, achieved a strong result in the first quarter of 2024 on the back of elevated trading activity in the digital assets space in the quarter.

Highlights:

• Flow Traders recorded Net Trading Income of €127.1m and Total Income of €129.6m in Q124, compared to €72.7m and €74.3m, respectively, in Q423​, and €110.5m for both in Q123.

• Flow Traders' Value Traded increased 7% in Q124 when compared to last quarter and was flat when compared to the same period last year.

• Total Operating Expenses were €68.5m in Q124, compared to €62.5m in Q423 and €70.3m in Q123, with Fixed Operating Expenses of €43.6m, compared to €40.4m in Q423 and €43.9m in Q123.

• EBITDA was €61.1m in Q124, generating an EBITDA margin of 47%, compared to €11.8m and 16% in Q423 and €40.2m and 36% in Q123.

• Net Profit was €45.9m in Q124, yielding a basic EPS of €1.06, compared to €6.4m of Net Profit and €0.15 of basic EPS in Q423 and €27.7m and €0.64 in Q123.

• Trading capital stood at €609m at the end of Q124 and generated a 52% return on trading capital (84% on an annualized basis), compared to €583m and 51% in Q423 and €647m and 65% in Q123,.

• Shareholders' equity was €631m at the end of Q124, compared to €586m at the end of Q423 and €622m at the end of Q123.

• Flow Traders employed 633 FTEs at the end of Q124, compared to 646 at the end of Q423 and 667 at the end of Q123.

This company was well prepared for the highly anticipated regulatory approval in the U.S. for spot Bitcoin ETFs that came through at the beginning in the quarter as institutional interest in digital assets continues to grow around the world, noted CEO Mike Kuehnel.

In addition,Owain Lloyd will join Flow Traders on 1 May as Chief Technology Officer.

"Owain brings with him over 20 years of senior leadership experience across traditional finance, market making, and digital assets trading technology and we look forward to his nomination as an Executive Director of the Board at our AGM on 13 June," commented the CEO.