The group has seen a strong momentum in customer growth in the first half of the year and expected uptick in trading from the existing client base that gives the Directors confidence that the results for the second half, traditionally the slightly stronger half, will deliver a material improvement on the first half results.
Harry Adams, Co-CEO commented:
Source LinkedIn
As the long-term impact of the COVID pandemic on global markets continues to be laid bare, it has never been more important to stand by our clients and ensure their growing FX trading needs are met. Despite frustrations over the drop in trading activity throughout the period I’m proud of how our people have adapted and delivered for our clients. Whilst clients delaying their trading activity has impacted our revenues, each of them has a commercial need to remove FX risk, so we expect a significant backlog of client volumes to be realised, the timing of which will likely depend on market and geopolitical events.
Carl Jani, Co-CEO said:
The strong underlying performance of the business – notably the marked elevation of new client acquisition – is testament to our focused, long-term approach. In the face of a surge of client interest, we have focused on the quality of revenue over trading volume, remaining true to our strict risk management processes. Due to strong business fundamentals we have confidence in our ability to weather the uncertain environment, supported by a new office, a growing and increasingly talented workforce and a business model with proven resilience.
