The revenue jumped 11 percent compared to the previous 12 months.
The two co-founders of iS Prime recently separated.
iS Prime, the UK-based subsidiary of iSAM Securities, closed the financial year 2022, which ended on 30 June, with revenue of £35 million and a pretax profit of £16.2 million.
iS Prime Reports Strong Revenue and Profits
The latest revenue could not be directly compared with the figures of the last fiscal year as the company previously reported figures for 15 months with the change of its financial reporting cycle ending in March to June.
In the fiscal year 2021, iS Prime reported an annual turnover of £37.9 million for 15 months. At the time, its operating profit came in at £10.1 million, which is down about 42 percent, taking a hit due to increased expenditure on its people, technology, and a larger London office.
Regulated by the Financial Conduct Authority (FCA), iS Prime offers full-service brokerage and execution with its proprietary technology. It provides aggregated pricing sourced primarily from Tier One institutions and settled through the group's bank Prime Brokers.
Although a like-for-like comparison between the two fiscal years cannot be made, the company highlighted that its latest revenue jumped by £3.5 million from the previous 12 months, which is a year-over-year increase of 11 percent. Further, the company's balance sheet remains strong, with cash of about £37 million.
"iS Prime's financials reveal another very successful year, with our revenue increase resulting from a combination of higher volumes and client acquisition," said the Managing Director of iSAM, Alex Lowe.
"We continue to invest in our people and products in order to maintain our position as a global market leader, with a focus on transparency, integrity, and a client-centric approach. We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients."
Changes in Business
Earlier this year, the two Co-Founders of iS Prime, Raj Sitlani and Jonathan Brewer, separated from the company after eight years. They started the brand in 2014, and until their exit, Sitlani was the Managing Director of iSAM Securities while Brewer was the Commercial Director.
Meanwhile, the overall group underwent a massive overhaul of branding and structure as ISAM Capital Markets became iSAM Securities, covering four business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited.
iS Prime, the UK-based subsidiary of iSAM Securities, closed the financial year 2022, which ended on 30 June, with revenue of £35 million and a pretax profit of £16.2 million.
iS Prime Reports Strong Revenue and Profits
The latest revenue could not be directly compared with the figures of the last fiscal year as the company previously reported figures for 15 months with the change of its financial reporting cycle ending in March to June.
In the fiscal year 2021, iS Prime reported an annual turnover of £37.9 million for 15 months. At the time, its operating profit came in at £10.1 million, which is down about 42 percent, taking a hit due to increased expenditure on its people, technology, and a larger London office.
Regulated by the Financial Conduct Authority (FCA), iS Prime offers full-service brokerage and execution with its proprietary technology. It provides aggregated pricing sourced primarily from Tier One institutions and settled through the group's bank Prime Brokers.
Although a like-for-like comparison between the two fiscal years cannot be made, the company highlighted that its latest revenue jumped by £3.5 million from the previous 12 months, which is a year-over-year increase of 11 percent. Further, the company's balance sheet remains strong, with cash of about £37 million.
"iS Prime's financials reveal another very successful year, with our revenue increase resulting from a combination of higher volumes and client acquisition," said the Managing Director of iSAM, Alex Lowe.
"We continue to invest in our people and products in order to maintain our position as a global market leader, with a focus on transparency, integrity, and a client-centric approach. We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients."
Changes in Business
Earlier this year, the two Co-Founders of iS Prime, Raj Sitlani and Jonathan Brewer, separated from the company after eight years. They started the brand in 2014, and until their exit, Sitlani was the Managing Director of iSAM Securities while Brewer was the Commercial Director.
Meanwhile, the overall group underwent a massive overhaul of branding and structure as ISAM Capital Markets became iSAM Securities, covering four business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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