CLS Group Profits Spike by a Third on 6% Revenue Growth

An official account of last year shows that CLS Group has materially improved its annual report for 2014. The financials posted by the company reveal that CLS posted revenues of £183.3 million (or $275.6 million). This marks an increase of 6% when compared to 2013.

The total operating expenses increased by 1.6%, or £2.4 million ($3.6 million) primarily due to an expected increase in amortization of £4.0 million ($6.0 million), after the integration of major components of the technology program of CLS.

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On the bottom line, profit after tax figures marked an impressive rise of 36% on an annual basis to £19.8 million, reflecting the modest cost increases when compared to the revenue flows.

Average daily volumes in the core service remained stable year-on-year at 801,000 instructions, while average daily settlement values stood at $5.1 trillion, which was slightly higher from 2013.

The company also marked a record in December, when on the 17th it registered its 2014 peak value day at $10.7 trillion, surpassing the previous record from March 2008.

Commenting in the Annual Report, the company’s Chairman of the Board, Ken Harvey said, “We are entering a new phase in the Group’s growth and capabilities. The coming year will see the introduction of new products, new members and a new currency.”

“In summary, we delivered solid operating results after an effective capital raise. This strong performance came on the back of what was a historic year in the FX market. We witnessed a prolonged period of low volatility and declining volumes that extended well past mid-year. This was followed by extraordinary instability and record volumes precipitated by political and socio-economic events around the world. I am pleased to report that the CLS service operated without issue throughout record volumes and values,” he explained.