iS Prime Ends FY22 with £16.2M Pre-Tax Profits

Date:

Share post:


iS Prime, the UK-based subsidiary of iSAM Securities, closed the financial year 2022, which ended on 30 June, with revenue of £35 million and a pretax profit of £16.2 million.

The latest revenue could not be directly compared with the figures of the last fiscal year as the company previously reported figures for 15 months with the change of its financial reporting cycle ending in March to June.

In the fiscal year 2021, iS Prime reported an annual turnover of £37.9 million for 15 months. At the time, its operating profit came in at £10.1 million, which is down about 42 percent, taking a hit due to increased expenditure on its people, technology, and a larger London office.

Regulated by the Financial Conduct Authority (FCA), iS Prime offers full-service brokerage and execution with its proprietary technology. It provides aggregated pricing sourced primarily from Tier One institutions and settled through the group’s bank Prime Brokers.

Though like-for-like comparison between the two fiscals cannot be made, the company highlighted that its latest revenue jumped by £3.5 million from the previous 12 months, a year-over-year increase of 11 percent. Further, the company’s balance sheet remains strong, with cash of about £37 million.

iS Prime’s financials reveal another very successful year, with our revenue increase resulting from a combination of higher volumes and client acquisition,” said the Managing Director of iSAM, Alex Lowe.

Alex Lowe, Managing Director of iSAM

“We continue to invest in our people and products in order to maintain our position as a global market leader, with a focus on transparency, integrity, and a client-centric approach. We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Changes in Business

Earlier this year, the two Co-Founders of iS Prime, Raj Sitlani and Jonathan Brewer, separated from the company after eight years. They started the brand in 2014, and until their exit, Sitlani was the Managing Director of iSAM Securities while Brewer was the Commercial Director.

Meanwhile, the overall group underwent a massive overhaul of branding and structure as ISAM Capital Markets became iSAM Securities, covering four business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited.

iS Prime, the UK-based subsidiary of iSAM Securities, closed the financial year 2022, which ended on 30 June, with revenue of £35 million and a pretax profit of £16.2 million.

The latest revenue could not be directly compared with the figures of the last fiscal year as the company previously reported figures for 15 months with the change of its financial reporting cycle ending in March to June.

In the fiscal year 2021, iS Prime reported an annual turnover of £37.9 million for 15 months. At the time, its operating profit came in at £10.1 million, which is down about 42 percent, taking a hit due to increased expenditure on its people, technology, and a larger London office.

Regulated by the Financial Conduct Authority (FCA), iS Prime offers full-service brokerage and execution with its proprietary technology. It provides aggregated pricing sourced primarily from Tier One institutions and settled through the group’s bank Prime Brokers.

Though like-for-like comparison between the two fiscals cannot be made, the company highlighted that its latest revenue jumped by £3.5 million from the previous 12 months, a year-over-year increase of 11 percent. Further, the company’s balance sheet remains strong, with cash of about £37 million.

iS Prime’s financials reveal another very successful year, with our revenue increase resulting from a combination of higher volumes and client acquisition,” said the Managing Director of iSAM, Alex Lowe.

Alex Lowe, Managing Director of iSAM

“We continue to invest in our people and products in order to maintain our position as a global market leader, with a focus on transparency, integrity, and a client-centric approach. We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Changes in Business

Earlier this year, the two Co-Founders of iS Prime, Raj Sitlani and Jonathan Brewer, separated from the company after eight years. They started the brand in 2014, and until their exit, Sitlani was the Managing Director of iSAM Securities while Brewer was the Commercial Director.

Meanwhile, the overall group underwent a massive overhaul of branding and structure as ISAM Capital Markets became iSAM Securities, covering four business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited.



Source link

Related articles

ACY Securities Adds Japanese and Hong Kong Share CFDs

ACY Securities, the award-winning tech-focused broker, is pleased to announce the addition of an extensive range of...

CMC Markets Enters Blockchain Space with New Investment

CMC Markets (LON: CMCX), the operator of a major retail brokerage brand and provider of institutional platform...

Binance.US Stops USD Services, Asks Users to Withdraw Fiats

Binance.US announced today the suspension of USD deposits and indirectly urged users to withdraw their fiat deposits...

Citi Discontinues Its Global FX Strategy Team in the Latest Job Cuts

Citigroup, one of the largest financial services providers, has dismantled its global team of foreign exchange markets analysis, cutting...