CLS Group, to foreign exchange (forex) market participants, has published its interim financial results for the six month period ended on the 30th of June 2019.
During the six month period, CLS reported a revenue of £103.1 million ($127.1 million). When measuring this against the same period of the previous year, which recorded a revenue of £101.5 million, it has grown by 1.6 per cent.
Although revenue increased on a yearly comparison, the average traded volume submitted by CLS’ members fell by 5.4 per cent year-on-year, from $1.85 trillion in the first half of 2018, down to $1.75 trillion for the six months ended June 30th, 2019.
Furthermore, the average price per USD million settled remained flat in the first half of 2019, on an annual comparison. In addition, the average daily instructions increased to 1.0 million, this is higher than the 0.9 million instructions received in the first half of last year.
At the same time, operating expenses increased by 6 per cent in the first half of 2019, when weighed against the same period of the previous year. According to the report, this uptick is the result of accelerated amortization of the core settlement asset alongside investment in governance and control functions.
CLS Group reports loss of £10.1 million
For H1 of 2019, CLS reported a loss of £10.1 million, however, on an underlying basis, profit for the period was £1.3 million, which is lower than the £9.2 million profit achieved in the first half of 2018 by 85.9 per cent.
“While our reported profit is materially lower, this reflects the execution of our near and long-term priorities, and by adopting an underlying measure, adjusting for one-off positive and negative distorting impacts, we are able to better compare year-on-year results,” said Trevor Suarez, the Chief Financial Officer at CLS Group.
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