Britannia
Global Markets, a UK-based brokerage firm providing custody and execution
services for professional and institutional clients, reported a loss of £1.14
million for the year ended December 31, 2024, according to its annual financial
statements released this week.
The loss represents
a 41% improvement from the previous year’s £1.95 million deficit. The company,
a wholly-owned subsidiary of Britannia Financial Group Limited, increased its
revenue to £427,330, up significantly from £127,769 in 2023.
“The
key contributing factor to increased revenue was from continuing to take in
significantly more assets in custody, which resulted in more trading activity
and interest income,” Britannia Global Markets
stated in its report.
BGI’s net
assets grew to £7.63 million at year-end, compared to £5.58 million at the
close of 2023, bolstered by a £3.2 million share issuance during the year.
The
company, which provides brokerage services in equities , bonds, funds, and
cash-equivalent treasury products, reported that its client custody assets
increased substantially to approximately £1.23 billion as of December 31, 2024,
compared to £457.7 million at the end of 2023.
Key Financial Metrics
|
Metric |
2024 |
2023 |
Change |
|
Revenue |
£427,330 |
£127,769 |
+234% |
|
Net Loss |
£1.14 million |
£1.95 million |
-41% |
|
Net Assets |
£7.63 million |
£5.58 million |
+37% |
|
Client |
£1.23 billion |
£457.7 |
+169% |
|
Interest |
£83,776 |
£44,614 |
+88% |
|
Administrative |
£2.02 million |
£3.65 million |
-45% |
|
Average |
10 |
12 |
-17% |
“We
aim to improve efficiency in all areas of our operations through cost
reduction. Customer service still remains a top priority,” the company
stated, adding that it plans to “increase the number of clients and
associated activities including making significant improvements to its
infrastructure and product offering during the next year.”
Positive Outlook
Interest
income also contributed to BGI’s financial performance, rising to £83,776 from
£44,614 in the prior year.
Despite the
ongoing loss, the company’s directors maintained a positive outlook, stating in
the report: “The directors have a reasonable expectation that the company
has adequate resources to continue in operational existence for the period of
at least 12 months from the date of signing of these accounts.”
The company
acknowledged continued macroeconomic challenges affecting market conditions,
noting that “the continuing Russia-Ukraine and Israel-Palestine conflicts
have contributed to a number of macroeconomic shocks that have impacted world
markets” along with inflation and central bank interventions.
BGI’s
workforce decreased slightly to an average of 10 employees during 2024, down
from 12 in the previous year, with administrative expenses falling to £2.02
million from £3.65 million.
Recent Moves
In December
2024, the London-based financial services firm announced leadership changes
aimed at supporting its ongoing expansion. Martin Ryan, who brings three
decades of experience in the financial sector, has been appointed as the new
Chief Operating Officer (COO). At the same time, Jodie Kelsall has been
promoted to the role of Chief of Staff.
Ryan
previously held the COO position at TP ICAP and has held senior roles at major
institutions, including CEO of Business Services at the London Stock Exchange
Group (LSEG) and Chief Information Officer and board member at LCH Clearnet.
His earlier experience also includes key roles at Morgan Stanley and JP Morgan.
In
addition, the company has reinforced its trading team by bringing back Neil
Welsh as Head of Metals. Welsh returns after a two-year break, having earlier
worked at the firm for more than three years as a base metals sales trader.
Britannia
Global Markets, a UK-based brokerage firm providing custody and execution
services for professional and institutional clients, reported a loss of £1.14
million for the year ended December 31, 2024, according to its annual financial
statements released this week.
The loss represents
a 41% improvement from the previous year’s £1.95 million deficit. The company,
a wholly-owned subsidiary of Britannia Financial Group Limited, increased its
revenue to £427,330, up significantly from £127,769 in 2023.
“The
key contributing factor to increased revenue was from continuing to take in
significantly more assets in custody, which resulted in more trading activity
and interest income,” Britannia Global Markets
stated in its report.
BGI’s net
assets grew to £7.63 million at year-end, compared to £5.58 million at the
close of 2023, bolstered by a £3.2 million share issuance during the year.
The
company, which provides brokerage services in equities , bonds, funds, and
cash-equivalent treasury products, reported that its client custody assets
increased substantially to approximately £1.23 billion as of December 31, 2024,
compared to £457.7 million at the end of 2023.
Key Financial Metrics
|
Metric |
2024 |
2023 |
Change |
|
Revenue |
£427,330 |
£127,769 |
+234% |
|
Net Loss |
£1.14 million |
£1.95 million |
-41% |
|
Net Assets |
£7.63 million |
£5.58 million |
+37% |
|
Client |
£1.23 billion |
£457.7 |
+169% |
|
Interest |
£83,776 |
£44,614 |
+88% |
|
Administrative |
£2.02 million |
£3.65 million |
-45% |
|
Average |
10 |
12 |
-17% |
“We
aim to improve efficiency in all areas of our operations through cost
reduction. Customer service still remains a top priority,” the company
stated, adding that it plans to “increase the number of clients and
associated activities including making significant improvements to its
infrastructure and product offering during the next year.”
Positive Outlook
Interest
income also contributed to BGI’s financial performance, rising to £83,776 from
£44,614 in the prior year.
Despite the
ongoing loss, the company’s directors maintained a positive outlook, stating in
the report: “The directors have a reasonable expectation that the company
has adequate resources to continue in operational existence for the period of
at least 12 months from the date of signing of these accounts.”
The company
acknowledged continued macroeconomic challenges affecting market conditions,
noting that “the continuing Russia-Ukraine and Israel-Palestine conflicts
have contributed to a number of macroeconomic shocks that have impacted world
markets” along with inflation and central bank interventions.
BGI’s
workforce decreased slightly to an average of 10 employees during 2024, down
from 12 in the previous year, with administrative expenses falling to £2.02
million from £3.65 million.
Recent Moves
In December
2024, the London-based financial services firm announced leadership changes
aimed at supporting its ongoing expansion. Martin Ryan, who brings three
decades of experience in the financial sector, has been appointed as the new
Chief Operating Officer (COO). At the same time, Jodie Kelsall has been
promoted to the role of Chief of Staff.
Ryan
previously held the COO position at TP ICAP and has held senior roles at major
institutions, including CEO of Business Services at the London Stock Exchange
Group (LSEG) and Chief Information Officer and board member at LCH Clearnet.
His earlier experience also includes key roles at Morgan Stanley and JP Morgan.
In
addition, the company has reinforced its trading team by bringing back Neil
Welsh as Head of Metals. Welsh returns after a two-year break, having earlier
worked at the firm for more than three years as a base metals sales trader.
