LONDON (ShareCast) - (Sharecast News) - Aquis Exchange reported a 165% improvement in its first-half revenue in its interim results on Tuesday, to £3.4m, while it narrowed its EBITDA loss to £0.16m from £1.6m.
The AIM-traded firm said cash and cash equivalents at period end, on 30 June, totalled £11.2m, down from the £13.1m it reported at the end of the same period in 2018.

It reported that trading members on the Aquis Exchange platform grew to 29 from 27 during the six-month period, and added that its market share of overall pan-European continuous trading grew to 4.8% in the second quarter of 2019, from 3.8% in the last quarter of 2018, with the share of available liquidity also increasing.

Through its French subsidiary, Aquis also noted that it became the first multilateral trading facility to achieve dual-trading status in European equities, in preparation for Brexit.

It also reportedly saw the successful deployment of "several technology implementations".

Since the period ended, the company also agreed the acquisition of the NEX Exchange, subject to FCA approval, marking its entry into primary listings.

Looking at the rest of the year, the board said current trading was in line with market expectations for 2019.

"We are pleased to report on another strong period of growth, demonstrating the growing acceptance of our unique, subscription-based pricing model for trading," said Aquis Exchange chief executive officer Alasdair Haynes.

"Growth is being driven by our existing members increasing their trading volumes through the exchange, new members joining and increased technology licensing revenue.

"Following the approval in January for our French multilateral trading facility (MTF), we became the first UK MTF to be 'Brexit-ready', underling the agility of our business and commitment to our members."

Haynes said the company was also "delighted" to announce its agreement to acquire the NEX Exchange in July, which he said marked the firm's intention to enter the primary listings market, taking it "another significant step forward" towards achieving its goal to become the leading exchange services group in Europe.

"While we anticipate the current political and economic uncertainty will continue to impact market participants in the short to medium term, we have proven we have the right model, team, technology and vision to deliver shareholder value and look to the future with confidence."

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