Leading quantitative-driven electronic market-maker in the forex industry, XTX Markets has released its annual report and financial statement for the year ending 31st December 2017. The company has managed to post strong growth in revenue and profits despite a significant jump in costs.
The annual report released on last Thursday, showcasing continuance of strong growth from the year 2016. In the financial year 2017, the revenue of the company jumped 17 per cent driven by expansion in new markets and product development and furthermore the company was successful in optimising existing strategies that contributed in the uptick in revenue.
Net trading revenues during the year 2017 increased to £154.6 million, an increase of 17 per cent year-on-year from £131.9 million. Profits during the year were stagnant at £60.98 million, up from £60.45 million in the 2016 fiscal year. According to the company statement, the profits were in line with expectations due to the low level of liquidity in the global markets in 2017.
Profit before the tax during the year was slightly lower compared to 2016, coming in at £75 million. In 2017, the administration expenses grew significantly higher by 29 per cent to £80.4 million, compared to £56.8 million in 2016, the increase was mainly contributed by company’s expansion and product development during the year.
Shareholder’s equity jumped 23 per cent during the year to £207.2 million from £168.5 million in 2016. But Return on Assets declined during the year to 24 per cent from 27 per cent previous year.
The company plans to expand trading activities to new markets in the current year and expects to continue trading profitability to support the organic growth. The company also said it will continue to monitor the industry and will take every step to remain compliant with the regulations.