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.
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.
Is it Time For Banks to Move Over And Create Space For Blockchain?Go to article >>
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.