Proactive Investors - Aquis Exchange PLC (LON:AQX) said its performance last year was in line with the board’s expectations, including several strategic developments that are expected to see benefits in both the near and long term.
Net revenue came to £22.6 million in 2023, up 12% from the year before, with growth from all of its four divisions.
Pre-tax profit rose 16% to £5.2 million, while cash and equivalents stood at £14.8 million at the end of December, a gain of 4% over the year.
"In a year marked by uncertainty and difficult market conditions, I am really pleased to report another year of double-digit revenue growth,” said chief executive Alasdair Haynes.
“We are well positioned for the future and look forward to delivering throughout 2024 and beyond."
The largest division, Aquis Markets, grew net revenue 7% to £11 million and following changes to proprietary trading rules in November, has been increasing its market share.
The overall pan-European market share for December 2023 was 4.97%, up from 4.76% in November and 4.58% in October 2023, with the average in January 2024 being 5.21% so far.
The fastest growth came from the Aquis Data and Aquis Technologies arms, up 23% to £3.7 million and 19% to £6.2 million respectively.
Data was boosted by selling Markets and Aquis Stock Exchange data to non-member market participants, with Haynes and the team expecting “significant benefit” from the advent of EU and UK consolidated tapes.
Technologies growth reflected seven of its nine contracts currently generating revenue, with the year seeing two new contract wins, one of which was a central bank.
Aquis Stock Exchange, the smallest division by revenue, which grew 6% to £1.7 million, notched up 16 initial public offers in 2023 – more than the London Stock Exchange’s AIM for the second year running and with pent-up demand for 2024 reported.