2013 was a breakout year for LMAX following the company’s management buyout that took place at the end of 2012 and moved its control away from Betfair. According to the firm’s annual report, during 2013 revenues rose to £18.1m, a 285% increase from 2012’s £4.7m level. The top line growth was fueled by a similar increase in volumes, which grew by around 265% to $1.1t from $0.3t in 2012. According to LMAX, monthly volumes peaked during the first half of the year, hitting a one month high of $127b, and averaging $92.5b in a monthly turnover for 2013.
Although top line results surged higher, bottom line profits remained in the red, being reported at a loss of £3.914m for the year. However, as administrative expenses remained more or less flat year-over-year at just above £13m, LMAX expects to achieve profitability in 2014.
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Other headline numbers from LMAX include reporting of $71m in net client deposits during 2013, with end of the year client funds rising $29m to $70m. The firm also reported that active accounts rose to 1,500 from 800 in 2012. In addition, LMAX stated that it had met its three-year goal from 2011 to achieve quarterly operating profits, which took place in Q4 2013.