BidFX, a provider of cloud-based electronic forex trading solutions, published its half-yearly financials for the first six months of 2020, reporting a pre-tax operating profit of £1.8 million for the period.
The profit figures were significant as the UK-registered company ended 2019 with a loss of £0.4 million.
The growth of the company can be seen in its turnover. Its revenue for the six months came in at £9.6 million, compared to the previous year’s revenue of £10.9 million.
“The strong revenue performance was driven from the successful client acquisition strategy with over 100 of the world’s largest banks, hedge funds, and asset managers currently connected to its platform,” the filing with the UK Companies House noted.
The net asset of the company went up in the period to £20.4 million from the previous year’s £18.2 million.
Expansion under New Ownership
2020 remained eventful for BidFX as the company was fully acquired by the Singapore Exchange (SGX), which earlier held only 20 percent in the British company.
Under the new ownership, BidFX is now expanding aggressively, primarily entering the OTC markets with FX futures. The company is expanding its product offering for international FX participants from pre-trade data and analytics and trade execution to post-trade clearing.
In addition, the company detailed that it is diversifying its customer base from different business types and new geography.
“Upon joining SGX group of companies, BidFX will expand our coverage to include FX futures, which gives sophisticated investors a hedge to access the broader market across OTC and futures liquidity pools,” BidFX noted.
“BidFX also plan to further expand our sales force to accelerate on our clients’ acquisition and focus on research and product development to offer comprehensive solutions and enhanced distribution capabilities to meet the rapidly changing market requirements.“