IS Prime has published its financial results for the financial year 2020, ending on March 31, showing a 30 percent yearly jump in its revenue. In absolute terms, the prime of prime broker generated £36 million last FY, compared to £27.6 million in the previous year.
Additionally, the London-headquartered company revealed that its profits for the year almost tripled to £17.6 million from the previous year’s £5.9 million. The net assets of the broker remained at £10.7 million.
According to IS Prime, the massive spike in its profits was fueled by its client growth along with increased efficiencies of its proprietary systems.
Focusing on Global Expansion
“Our financials confirm IS Prime’s position as a global market leader in our industry, and we are very pleased to report yet another year of record revenues,” Raj Sitlani, Managing Director at IS Prime parent ISAM Capital Markets, stated.
The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>
“We have achieved significant growth outside the UK, virtually doubling our turnover in the rest of Europe. We have also seen major growth in Asia and the Middle East as well as diversification of our client base across the banking, asset management, and hedge fund space.”
At the beginning of this year, the prime of prime broker gained a Type 3 Leveraged Foreign Exchange Trading license in Hong Kong, which allowed it to offer leveraged forex trading services to institutional professional investors.
“We cannot make direct comparisons with financial results from our first few years as we restructured in 2017 to become part of ISAM Capital Markets, with some of our products and services subsequently accounted for in other businesses within the group,” Sitlani added.
“ISAM Capital Markets has also achieved significant growth in risk management services and technology services, with IS Risk Analytics and IS Prime Hong Kong, both having yet another outstanding year.”