Aquis Exchange (LON:AQX) has reported a 73% increase in revenue for the year ended 31st December as trading activity picked up among its members.
Revenue grew by 73% to £6.9m, up from 4m in the same period a year prior.
Aquis Exchange has three main revenue channels in Subscription Fees, License Fees and Market Data.
The most significant of these channels the Subscription Fees business which relates to the trading activities of its members and accounted for £5.3m, up 71% in 2019.
The introduction of new order types including the ‘Market at Close’ or ‘MaC’ order attracted higher trading volumes on the Aquis Platform.
The ‘Market at Close’ order allows traders to take the price at the close of the a market based on a broad range of trading facilities including dark pools.
In addition to strong growth in its trading facilities business, Aquis made the exciting acquisition of the NEX Exchange, a junior London exchange which has 90 companies listed on it with a combined market capitalisation of over $2 billion.
Aquis entered the primary market with the acquisition of the NEX Exchange with the aim of turning the exchange around. The NEX Exchange made a loss of £2.1 million in the year to 31st March 2019 but has huge potential to facilitate the IPOs of companies that may not be ready for the London’s main exchanges.
Alasdair Haynes, Chief Executive Officer of Aquis, commented on the results:
“Against a challenging market backdrop, Aquis delivered substantial operational and financial progress during 2019. It is very pleasing to see our adjusted EBITDA figure reaching near break-even, as revenues continue to grow across all business divisions and the MaC leads the field among closing auction alternatives in the market.
“Last month we were delighted to complete our acquisition of NEX Exchange, now renamed the Aquis Stock Exchange, and to list our first company on to it a few weeks later. Developing this market into a future-facing, disruptive home for quality growth businesses will be a key focus for us during the year ahead.
“Notwithstanding the impact of the COVID-19 pandemic, our aim is to take the Group to the next level of operational, financial and strategic success in 2020. We look forward to continuing to build value for all our stakeholders.”
