London-based Multi Asset Solutions Limited, formerly known as BidX Markets, tripled its turnover for the 2024 fiscal year, which ended on May 31. According to the latest Companies House filing, the company generated close to £3.19 million in revenue, marking a 204 percent increase from the previous fiscal year’s £1.05 million.
A Massive Jump in Revenue
The surge in revenue significantly boosted the company’s profitability. After accounting for sales costs, gross profits reached £1.47 million, up from £944,361 in the previous year. However, the gross profit margin dropped from 90.22 percent to 46.26 percent.
Administrative expenses also rose by 36.4 percent to £1.24 million. After accounting for interest and other expenses, the company recorded a pre-tax profit of £235,072, a notable increase from the previous year’s £35,566. Net profit for the fiscal year stood at £174,512, up 508 percent compared to FY2023’s £28,690.
Multi Asset Solutions, which was rebranded earlier this year, was founded in 2021 by Simon Blackledge, who serves as the CEO and holds over 75 percent of the company’s shares. In 2022, non-banking market maker Solid made an undisclosed investment in the company, acquiring a 9.9 percent ownership stake.
Exploring Growth Opportunities
The company offers liquidity and white-label broker solutions and is regulated by the UK’s Financial Conduct Authority. In its Companies House filing, Multi Asset Solutions noted that it “accepts clients from all regions of the world where the firm is permitted to operate.”
The company is now looking to expand. “The company continues to explore organic and inorganic opportunities both in the UK and overseas for expansion,” the filing stated. “The directors expect continued growth in both its core and new markets, which should lead to further improvements in the company’s financial performance.”
London-based Multi Asset Solutions Limited, formerly known as BidX Markets, tripled its turnover for the 2024 fiscal year, which ended on May 31. According to the latest Companies House filing, the company generated close to £3.19 million in revenue, marking a 204 percent increase from the previous fiscal year’s £1.05 million.
A Massive Jump in Revenue
The surge in revenue significantly boosted the company’s profitability. After accounting for sales costs, gross profits reached £1.47 million, up from £944,361 in the previous year. However, the gross profit margin dropped from 90.22 percent to 46.26 percent.
Administrative expenses also rose by 36.4 percent to £1.24 million. After accounting for interest and other expenses, the company recorded a pre-tax profit of £235,072, a notable increase from the previous year’s £35,566. Net profit for the fiscal year stood at £174,512, up 508 percent compared to FY2023’s £28,690.
Multi Asset Solutions, which was rebranded earlier this year, was founded in 2021 by Simon Blackledge, who serves as the CEO and holds over 75 percent of the company’s shares. In 2022, non-banking market maker Solid made an undisclosed investment in the company, acquiring a 9.9 percent ownership stake.
Exploring Growth Opportunities
The company offers liquidity and white-label broker solutions and is regulated by the UK’s Financial Conduct Authority. In its Companies House filing, Multi Asset Solutions noted that it “accepts clients from all regions of the world where the firm is permitted to operate.”
The company is now looking to expand. “The company continues to explore organic and inorganic opportunities both in the UK and overseas for expansion,” the filing stated. “The directors expect continued growth in both its core and new markets, which should lead to further improvements in the company’s financial performance.”
This post is originally published on FINANCEMAGNATES.
