Sucden Financial, a multi-asset execution and clearing provider, announced on Tuesday an increase in profits and overall net assets for 2023 despite a 13% dip in revenue.

Sucden Profit Rises 30%, Revenue Dips in Volatile Year

The London-based company reported profit before taxation of £23.9 million for the year ending December 31, 2023, up 30% from £18.4 million in 2022. Total net assets rose to £168.5 million from £160.7 million the previous year.

However, net revenue decreased to £69.7 million from £79.8 million in 2022, reflecting the volatile market environment.

"We achieved another strong performance in 2023, with profits up by more than 30% and delivered significant returns for shareholders following the completion of a number of strategic initiatives in the year," Marc Bailey, Chief Executive Officer of Sucden Financial, commented.

Interestingly, the net revenue was almost at the same level as in the 2021 report, when it amounted to £69.8 million. At that time, the company reported a pre-tax profit of £18.0 million, which was 1,025% higher than during the COVID-19 pandemic year.

Sucden Financial has been operating in the market for over 50 years. Starting as a company specializing in commodities trading, it has expanded over the years into other markets, including fixed-income and FX.

“We are well-positioned to deliver further growth in the year ahead as we adapt to changing market conditions and further develop our products and systems to create new opportunities for clients,” Bailey added.

Sucden's New Partnerships

At the beginning of this year, Finance Magnates reported that Sucden has partnered with Intercontinental Exchange, Inc. (ICE), a global technology and data provision platform.

Through this partnership, Sucden plans to utilize ICE's Portfolio Analytics platform for real-time pricing, trading, and risk management of derivatives, demonstrating a commitment to maintaining a competitive edge in a dynamic market environment.

A month earlier, Sucden had also partnered with another exchange, Nasdaq. Both parties renewed their agreement to continue utilizing Nasdaq's Risk Platform. This partnership enables Sucden Financial to improve its real-time monitoring, management, and mitigation of market and liquidity risks across its global proprietary and client trading portfolios.