LMAX Exchange Group has reported its financial results for the first six months of 2019, ended June 30, 2019. The operator of institutional exchanges for electronic foreign exchange (forex) and cryptocurrencies, managed to achieve a record financial performance for the period.
Namely, the Group managed to achieve record Interim Results in terms of profitability, margins, and volumes, beating all previous records. This is largely due to the company’s improved EBITDA and rising margins.
During the six month period, LMAX Exchange reported an EBITDA Margin of 44 percent. Year-on-year, this is higher than the first six months of 2018 by 7 percent, the statement said.
Gross profit for the first half of 2019 came in at $25.8 million. When comparing this against the same period of the prior year, it is higher by 20 percent. The notional trading volume across all of the Group’s exchanges also managed a year-on-year uptick of 9 percent.
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The strong results in the first half of 2019, follows on from 2018’s results, where the FX exchange operator achieved strong revenues. As Finance Magnates reported, gross revenues came in at $50 million, an increase of 27 percent from 2017.
LMAX Digital continues to report solid trading
LMAX Digital, which is the company’s institutional digital asset exchange, also saw a solid performance during H1 of 2019. So far this year, volumes of the exchange have grown exponentially to a high of $8.5 billion in June 2019.
Commenting on the results, David Mercer, the CEO of LMAX Exchange, said: “Building on our record year in 2018, we have succeeded on continuing the strong momentum into the first half of 2019 and have broken yet more records. LMAX Digital, our institutional-only crypto currency exchange, has achieved outstanding results with over 7 million trades completed since launch and is our fastest ever growing exchange.”
“Based on continued requirements from institutional investors across our venues for order-driven, firm liquidity and the appreciation for our focus on transparency, precision and consistency in execution, we maintain our positive outlook for the rest of 2019 and are excited about what lies ahead for LMAX Exchange Group.”