Abide Financial Ltd, NEX Group’s Bristol-based trade reporting specialist, has published its financial results for the nine months ended March 31, 2018. Despite an increase in turnover for the period, overall, the company still reported a loss.
At present, Abide Financial’s ultimate parent company is now CME Group Inc., following its acquisition of the NEX Group. However, during the reported period, this acquisition had not yet taken effect, and Abide’s ultimate parent company was still NEX Group Limited.
For the current period, which is only nine months, Abide Financial has provided the full-year ended June 30, 2017, as a comparison. This is important to keep in mind when considering any increases or falls in values.
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Abide Financial Sees Uptick in Turnover, But Overall Loss
During the nine-month period, turnover for the company was £7.2 million ($9.4 million). When measured against the 12 months ended June 30, 2017, which has a turnover of £5.2 million, this is up by 37.5 percent.
However, during the nine months ended March 31, 2018, the UK-based company reported an operating loss of £4.5 million. This is a much steeper operating loss of 63.2 percent than that seen in the financial year ended June 30, 2017.
This operating loss was largely thanks to a jump in administrative expenses. Specifically, for the nine months ended March 31, 2018, administrative expenses were £11.6 million. This is around £3.6 million or 44.9 percent more than that accrued in the 2017 fiscal year, which was slightly under £8 million.
Total loss for the nine-month financial period was £3.7 million. Despite an uptick in turnover, this is still a worse result than that achieved in the 2017 fiscal year for the company, which had a total loss of £2.5 million. In comparison, this represents a fall of 45.9 percent.