Institutional-client focused prime brokerage and execution venue IS Prime has disclosed its latest financials for the year ending March 31, 2017. Its results constitute a strong rise in key segments, including revenues and profits, following an eventful year for the group.
IS Prime began trading in March 2015 and had an eventful fiscal year, which was capped off by a landmark deal earlier this year when IS Prime Risk Services acquired the assets of one of the most popular risk management service providers for brokers, ThinkLiquidity.
Jonathan Brewer, Managing Partner at IS Prime, commented on the fiscal year financial results: “We are very proud of this fantastic achievement which we believe cements our position as a global market leader in the Prime of Prime industry. When you look at our financial results in comparison to our peers, I believe we are the fastest growing Prime of Prime and an increasingly dominant and respected participant.”
Subsequent months saw an expansion of IS Prime’s offering and operations, including a new office in Hong Kong – part of the group’s ambitious expansion in the region. In terms of financial results for the year ending March 31, 2017, IS Prime secured its strongest advance to date in terms of revenues.
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This corresponded to an increase of 300 percent on a yearly basis. Additionally, IS Prime’s operating profit swelled nearly 900 percent during the fiscal year, rising to £8.96 million, relative to just £994,000 back in 2015.
Additionally, IS Prime’s turnover was also firmly pointed upwards during the latest fiscal year ending March 31, 2017. The group reported a figure of £16,647,992, compared to £5,968,593 for the previous year. Net assets were also higher in 2017, justifying a bounce to £9,754,319 vs. just £2,403,886 for 2015.
“We have now paid back the £3 million loan for the initial seed capital to our major shareholder, International Standard Asset Management (ISAM), and have cleared all outstanding debt,” added Mr. Brewer.
“IS Prime began trading in 2015 and for the first two year of the business, Jonathan and I focused on establishing the organisation and developing our offering. Our financial results for Year End 31 March 2017 reflect our first full year as a mature business and we have exceeded all our growth targets whilst also achieving nearly 100% client retention over the last three years,” explained Raj Sitlani, Managing Partner at IS Prime.
“We have a very talented team, an unrivalled breadth of service offering and exceptional quant and technological resources – and I believe these factors really set us apart from our competitors in the industry. Moving forward, we have ambitious plans for the business and are continuing to grow at a significant rate. IS Prime is already exceeding last year’s growth for Q1 and we are confident of double digit growth over the course of the year,” Mr Sitlani elaborated.