A London-based prime-of-prime broker and liquidity solutions provider has announced its financial results for the fiscal year ending June 30, 2024, revealing a significant increase in net profit compared to the previous year. The firm reported a net profit of £9.6 million (approximately $12.4 million), marking a remarkable 55% rise from £6.2 million in 2023.
Despite experiencing a decrease in revenues, which fell by 14% from £31.6 million in 2023 to £27.0 million ($35.0 million) in 2024, the company saw its profitability thrive due to a more than twofold increase in interest income. Interest income surged from £3.6 million in 2023 to £7.7 million in 2024. Additionally, the company benefited from increased transfer pricing income, which reflects its share of profits from an associated entity registered in the Cayman Islands.
The improved financial performance is attributed to the company’s first full year of operation after a rebranding and consolidation effort. This transition involved merging iS Prime and iS Risk Analytics into a unified brand, which has led to a more streamlined operational structure. The change in executive leadership, including the appointment of a new managing director, has also been instrumental in steering the firm towards these positive results following the exit of key executives in 2023.
The organization is recognized for its regulatory compliance, being regulated by the FCA, SFC, CFTC, and registered with CIMA. It operates as a leading player in the algorithmic trading sector and is known as a reliable electronic market maker. Its range of services includes offering liquidity, technology, and prime services to institutional clients and trading venues worldwide. The firm emphasizes the use of state-of-the-art proprietary technology along with superior analytics, enhancing its full-service prime brokerage and execution capabilities.
The organization manages multiple entities across different regions, including the UK, Hong Kong, the USA, and globally, underscoring its broad international presence and commitment to providing high-quality services in the financial industry.