Aquis Exchange PLC (LON:AQX) today provided a brief trading update for the year ended 31 December 2022 (FY22).

Aquis confirmed that it expects to report performance for FY22 in line with market expectations. The Board anticipates making further progress during 2023 and expects to continue to perform in line with expectations.

Let’s recall that for the first half of 2022, Aquis saw net revenue increase 21% from the year-ago period to £8.3 million (1H21: £6.9m). The EBITDA profit for the half year was £1.4 million, broadly in line with the EBITDA profit of £1.6 million generated in 1H21.

This EBITDA profit and the profit before tax of £0.7m includes £0.4m of income recognised from an impairment credit per IFRS 9 consistent with the 1H21 impairment credit. The EBITDA has remained broadly consistent as the Group made some controlled increases in costs during both in 1H 2022 and the back end of last year as it continued to invest in personnel and technological resources.

Revenue from market data vendors increased significantly by £0.3m, 29%, to £1.4m for the six-month period compared to the 2021 equivalent, with continued growth in both terminal use and non-display licences across the period.