Financial and Business News

Smart Trade Technologies UK Reports 100% Operating Profit Growth in FY24

Monday, 19/08/2024 | 07:36 GMT by Damian Chmiel
  • The company’s turnover reached £18 million, while net profit stood at £2.2 million.
  • Compared to 2022, profits have increased by 1,000%.
Chart

The UK branch of foreign exchange (FX) and fixed-income software developer Smart Trade Technologies has released its fiscal year 2024 results, showing growth in turnover, revenue, and profits. Operating profits reached £2.2 million, doubling from the previous year's reported levels.

Smart Trade Technologies Reports Strong Finish to FY24

In the latest report filed with the UK's Companies House, Smart Trade Technologies UK Limited attributes the strong results for fiscal year 2024 (FY24) ending March 31 to increased activity and sales momentum in Europe and the UK.

The report reveals that the company's turnover stood at nearly £18 million, growing 16% from £15.5 million. With sales costs remaining steady at under £14 million, this translated into an increase in gross and operating profit as mentioned earlier.

David Vincent, Chief Executive Officer & Co-Founder at Smart Trade Technologies
David Vincent, Chief Executive Officer & Co-Founder at Smart Trade Technologies

The final net profit was £2.2 million, rising 69% from £1.3 million reported in fiscal year 2023. This marks another year of net profit and a 1000% jump from two years ago when net profit was just £200,000.

The company's assets also increased, growing from £1.9 million to £2.9 million.

Recently, SmartTrade Technologies successfully expanded its Private Cloud offering to Zürich, Switzerland, responding to growing client demand for enhanced hosting and disaster recovery services in mainland Europe.

This expansion, achieved in collaboration with Equinix, strengthens SmartTrade's global infrastructure, adding to existing sites in London, New York, and Tokyo, and further demonstrates the company's commitment to providing resilient and geographically diverse solutions for critical trading and payments systems.

Other Financial Results

Several other firms have also recently presented their FY24 reports. One of them was Beeks Financial Cloud Group plc (AIM: BKS), which announced preliminary financial results for the fiscal year ending June 30, 2024, noting revenue growth and an increase in recurring revenue.

The cloud computing and connectivity services provider for financial markets stated that its FY24 revenue is expected to be approximately 27% higher than the previous year. The company's Annualized Committed Monthly Recurring Revenue (ACMRR) reached £28.0 million, an 18% increase from £23.8 million reported at the end of the previous fiscal year.

Meanwhile, Japan's Monex Group increased its net profit by nearly 850% to 31.5 billion JPY in fiscal year 2024 compared to the previous period. At the same time, operating revenue grew by 20% to 66.8 billion JPY.

The UK branch of foreign exchange (FX) and fixed-income software developer Smart Trade Technologies has released its fiscal year 2024 results, showing growth in turnover, revenue, and profits. Operating profits reached £2.2 million, doubling from the previous year's reported levels.

Smart Trade Technologies Reports Strong Finish to FY24

In the latest report filed with the UK's Companies House, Smart Trade Technologies UK Limited attributes the strong results for fiscal year 2024 (FY24) ending March 31 to increased activity and sales momentum in Europe and the UK.

The report reveals that the company's turnover stood at nearly £18 million, growing 16% from £15.5 million. With sales costs remaining steady at under £14 million, this translated into an increase in gross and operating profit as mentioned earlier.

David Vincent, Chief Executive Officer & Co-Founder at Smart Trade Technologies
David Vincent, Chief Executive Officer & Co-Founder at Smart Trade Technologies

The final net profit was £2.2 million, rising 69% from £1.3 million reported in fiscal year 2023. This marks another year of net profit and a 1000% jump from two years ago when net profit was just £200,000.

The company's assets also increased, growing from £1.9 million to £2.9 million.

Recently, SmartTrade Technologies successfully expanded its Private Cloud offering to Zürich, Switzerland, responding to growing client demand for enhanced hosting and disaster recovery services in mainland Europe.

This expansion, achieved in collaboration with Equinix, strengthens SmartTrade's global infrastructure, adding to existing sites in London, New York, and Tokyo, and further demonstrates the company's commitment to providing resilient and geographically diverse solutions for critical trading and payments systems.

Other Financial Results

Several other firms have also recently presented their FY24 reports. One of them was Beeks Financial Cloud Group plc (AIM: BKS), which announced preliminary financial results for the fiscal year ending June 30, 2024, noting revenue growth and an increase in recurring revenue.

The cloud computing and connectivity services provider for financial markets stated that its FY24 revenue is expected to be approximately 27% higher than the previous year. The company's Annualized Committed Monthly Recurring Revenue (ACMRR) reached £28.0 million, an 18% increase from £23.8 million reported at the end of the previous fiscal year.

Meanwhile, Japan's Monex Group increased its net profit by nearly 850% to 31.5 billion JPY in fiscal year 2024 compared to the previous period. At the same time, operating revenue grew by 20% to 66.8 billion JPY.

Topics
FY 2024
financial-results
Smarttrade Technologies
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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