iSAM Securities (UK) Limited reported a total turnover of £27.04 million for the financial year ending 30 June 2024, reflecting a decline from £31.62 million in the previous year. Despite lower revenue, administrative expenses saw a slight reduction, standing at £28.31 million compared to £31.44 million in 2023.

Operating Loss Offset by Increased Income

"The Board of Directors has conducted a comprehensive review of the company's financial position, performance, prospects and current geopolitical conflicts as part of its assessment of the going concern assumption for the preparation of the financial statements," the firm stated in company filing.

The company reported an operating loss of £1.27 million, a significant decline from the £176,144 profit in the previous year. However, the firm benefited from a substantial increase in other income, which rose to £6.39 million from £3.88 million, alongside interest income nearly doubling to £7.69 million from £3.60 million.

Board Confirms Adequate Resources for Operations

These additional income streams led to a pre-tax profit of £12.81 million, improving from £7.65 million in 2023. However, taxation expenses nearly doubled to £3.18 million from £1.44 million, resulting in a post-tax profit of £9.63 million, up from £6.21 million in the prior year.

No other comprehensive income was reported, making the total comprehensive income for the year £9.63 million, marking a 55% increase from the previous year.

"Based on the current economic environment, market conditions and liquidity forecasts, the Board has concluded that the company has adequate resources to continue its operations for the foreseeable future, defined as at least 12 months from the date of approval of the financial statements," the firm added.

iSAM Securities Promotes New Leaders to Key Roles

Meanwhile, iSAM Securities has promoted Barry Flanigan to Head of Asia Pacific. He will manage operations in the region, focusing on growth, client engagement, and expanding services. Flanigan has been with iSAM for over nine years, most recently as Head of Electronic Trading, and has held various other positions since joining in 2009.

iSAM has also promoted James Wale to Head of Leveraged Sales EMEA. With 15+ years in institutional sales, Wale has spent over seven years at iSAM, demonstrating strong leadership. In his new role, he will lead the EMEA Sales team and manage the sales strategy.