Exclusive FNG… FNG has learned through regulatory filings that FCA-regulated London-based multi-asset liquidity solutions provider BidX Markets has continued to grow its business in its second full year of operations in FY2023 (year ended 31 May 2023), with Revenues to exceed triple by 2022.
Revenue at BidX Markets reached £1.o5 million in 2023more than 3x the company’s Revenue of £297,000 in 2022. BidX managed to grow profitably, as Net Profit reached £73,000 in 2023, up from £44,000 the previous year.
The main activity of the company is the provision of investment (brokerage) services and capitalization to its clients in foreign exchange and derivatives, including index Contracts For Difference (CFDs).
Management reported that the company’s operations developed in line with the expectations of the Board of Directors and the initial stage of operation. The company has continued to increase revenue and thus has seen significant growth compared to the previous year.
BidX said it continues to look for organic and inorganic opportunities, both in the UK and abroad, for expansion. The directors expect that the company will continue to develop its activities both in its core market and in new markets, and this will lead to a continuous improvement of the company’s financial results. In this direction, BidX recently launched a Spread Betting platform for professional traders.
About BidX markets
BidX Markets was founded in 2021 by Simon Blackledge, who previously ran MT4/MT5 white label solutions provider itexsys. The London-based brokerage provides brokers, asset managers and funds with personalized access to industry-leading liquidity, connectivity and distribution services 1. BidX received a strategic investment from non-bank trading firm Solid in 2022 in exchange for 9, 9% of the company’s ownership.
Below is the BidX Markets Income Statement and Balance Sheet for 2023.
