MAS Markets, an FCA-regulated multi-asset liquidity provider based in London, reported full-year revenue of £6.13 million for 2025, nearly doubling its turnover from £3.19 million a year earlier, according to the company's annual financial results published today (Wednesday).

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Gross profit came in at £3.23 million, a 118% increase from £1.48 million in the prior year, with gross margins widening to 52.68% from 46.34%, the company said. EBITDA reached £535,082 for the year, a figure that reflects the gap between gross earnings and a notably higher operating cost base, the company attributed to deliberate investment in staff and infrastructure.

MAS Markets Costs Rise on a Hiring Push

The distance between gross profit of £3.23 million and EBITDA of £535,082 implies roughly £2.7 million in operating expenses for the period, though MAS Markets did not publish a detailed cost breakdown alongside Wednesday's announcement.

The company confirmed that administrative costs increased during 2025 as it expanded its operational, technology, and client-facing teams, framing the spend as part of a long-term scaling effort rather than inefficiency.

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MAS Markets has been actively building out its senior bench. In January 2026, the firm appointed three senior professionals to its institutional team, including Nicholas Chantzaras as Head of Institutional Sales and Michael Quirk as Institutional Account Manager, moves the company said were designed to strengthen client coverage and commercial development across key regions.

Trading Volumes Jump 81%

Total trading volumes across the platform rose 81% year-on-year, MAS Markets said, without disclosing absolute volume figures. The company provides liquidity across foreign exchange , indices, commodities, metals, and digital assets, serving brokers, hedge funds, family offices, and professional traders across more than 35 countries, according to the firm.

"2025 was a year of strong execution and meaningful growth for MAS Markets," Chief Executive Simon Blackledge, commented . "We made deliberate investments in people and infrastructure to support long-term scale, and we now have the right foundation in place to continue building momentum into 2026 and beyond."

Expanding the Advisory Bench

Beyond the January hirings, MAS Group, the parent entity that also operates MAS Digital and MAS Fund, broadened its leadership during 2025. In July, the group appointed former England rugby international and investment banker Simon Halliday as Key Partnerships Adviser, tasked with expanding institutional relationships across traditional and digital finance.

Earlier, in March 2025, MAS Group also brought in Olivia Zhang from CMC Markets as Head of Sales, adding commercial leadership ahead of what proved to be the company's strongest growth year on record.

Competition Intensifies in the Liquidity Sector

MAS Markets operates in an increasingly crowded field. Established providers such as IS Prime, Finalto, and X Open Hub have each been expanding their multi-asset offerings and deepening their institutional coverage, according to industry coverage of the sector. MAS Markets enters 2026 as a comparatively smaller but faster-growing participant in that landscape.

On the performance outlook, the company said revenue generated in 2026 has already exceeded the full-year 2025 total by month seven, which the firm identified as January 2026 in its results statement, a claim it attributed to sustained client engagement and continued platform investment.