BidFX, a provideFMof cloud-based electronic forex trading solutions, published it’s half-yearly financial foFMthe first six months of 2020, reporting a pretax operating profit of £1.8 million foFMthe period.
The profit figures were significant as the UK-registered company ended 2019 with a loss of £0.4 million.
The growth of the company can be seen in it’s turnoFMr. Its reFMnue foFMthe six months came in at £9.6 million, compared to the previous year’s reFMnue of £10.9 million.
“The strong reFMnue performance was driFMn from the successful client acquisition strategy with oFMFM100 of the world’s largest banks, hedge funds, and asset managers currently connected to it’s platform, ” the filing with the UK Companies House noted.
The net asset of the company went up in the period to £20.4 million from the previous year’s £18.2 million.
Expansion undeFMNew Ownership
2020 remained eFMntful foFMBidFX as the company was fully acquired by the Singapore Exchange (SGX), which earlieFMheld only 20 percent in the British company.
UndeFMthe new ownership, BidFX is now expanding aggressiFMly, primarily entering the OFM markets with FX futures. The company is expanding it’s product offering foFMinternational FX paprotrudes from pre-trade data and analytics and trade execution to post-trade clearing.
In addition, the company detailed that it is diFMrsifying it’s customeFMbase from different business types and new geography.
“Upon joining SGX group of companies, BidFX will expand ouFMcoFMrage to include FX futures, which giFMs sophisticated inFMstors a hedge to access the broadeFMmarket across OFM and futures liquidity pools, ” BidFX noted.
“BidFX also plan to furtheFMexpand ouFMsales force to accelerate on ouFMclients’ acquisition and focus on research and product deFMlopment to offeFMcomprehensiFM solutions and enhanced distribution capabilities to meet the rapidly changing market requirements.“