<p>SmartTrade Technologies UK Limited, the British arm of the financial industry <a href=”https://www.financemagnates.com/terms/t/technology-provider/” target=”_blank” id=”35d66747-cf26-42b4-be1f-d75d2fdd8824_1″ class=”terms__main-term” rel=”follow”>technology provider</a>, reported an annual turnover of £12.5 million for fiscal 2022, which ended on 31 March. The figure decreased by about 4.5 percent year-over-year.</p><p><a href=”https://www.financemagnates.com/tag/smarttrade-technologies/” target=”_blank” rel=”follow”>SmartTrade</a> offers software development services to financial services firms and licenses its products to its clients. It primarily develops FX and FI products and provides services in the European and EMEA markets. It is headquartered in France, but the published figures only show the performance of its UK-based subsidiary.</p><p>Check out the recent London Summit session on “Advances in Trading Technology.”</p><p>SmartTrade Technologies UK Limited Sees Big Dent in Profits</p><p>According to the Companies House filing, SmartTrade UK’s cost of sales for the year increased to £11.4 million from £9.37 million, which pushed down the gross profit to £1.1 million from £3.78 million in FY21. Further considering administrative expenses, the operating profit plummeted by about 89 percent to £294,827. It was at £2.6 million in the previous fiscal.</p><p>The pre-tax profits of the UK company came in at £352,191, which is about 87 percent lower than the previous year. It closed the year with a net <a href=”https://www.financemagnates.com/fintech/news/smarttrade-technologies-uk-posts-marginal-gain-in-fy21-profits/” target=”_blank” rel=”follow”>profit</a> of £206,885 compared to £2.1 million in the previous year.</p><p>“The decrease in profit is due to customer churn and down-sell,” the Companies House filing stated.</p><p>Covid-19 to Blame For SmartTrade Technologies UK Limited Losses?</p><p>“This year’s activity has been satisfying despite the <a href=”https://www.financemagnates.com/thought-leadership/impact-of-covid-19-on-financial-markets-sectors-and-industries/” target=”_blank” rel=”follow”>Covid-19 pandemic</a>. New customers were added, and we ensured the continuity of our services. Profitability was maintained in a difficult context. We expect in the future to continue in the path of growth.”</p><p>Earlier in June, smartTrade technologies named Michael Henssler as the President and Chief Operating Officer, with responsibilities to run the company’s field operations, including sales, pre-sales and client engagement. Moreover, the group appointed Elise Van Der Schans as the Chief Human Resources Officer, Renaud Kerspern as the Chief Financial Officer, and Carine Denis as the Global Head of Business Operations.</p>
This article was written by Arnab Shome at www.financemagnates.com.
