Aquis Exchange PLC (LON:AQX) today announced its unaudited results for the six months ended 30 June 2024.

Net revenue increased 3.5% to £10.0 million (H1 23: £9.7m).

EBITDA was £1.6 million, a 6.5% reduction on EBITDA of £1.7 million generated in H1 23. EBITDA has remained broadly in line with H1 23, despite an increase in revenue, as the Group continues to re-invest profits in personnel and technological resources to maintain the business’s growth momentum.

Operating costs increased by 5.6% to £8.4 million (H1 23: £8.0m) primarily reflecting increased headcount in the period as well as inflation on both staff cost and data centre costs, and increased data costs.

Profit before tax of £1.1 million includes £0.5m (H1 23: £0.3m) of income recognised from an impairment credit per IFRS 9.

The Group continues to maintain a strong balance sheet and continues to generate cash above operational requirements. Cash equivalents at 30 June 2024 were £14.5m (30 June 2023: £13.9m). Key cash flow movements in the period were net cash inflows from operating activities (£1.4m). This has enabled the ongoing transfer of funds to the Employee Benefit Trusts (£0.7m), which have purchased shares in support of the Group share schemes, along with capital expenditure of £0.3m.

Despite the continued macroeconomic headwinds affecting the operating conditions of many of its divisions, Aquis said it is pleased with the strategic progress achieved in H1 24.

Aquis has gained market share in its Markets division. The pipeline in its Technologies business has grown notably and through the planned strategic investment Aquis believes it is well positioned to continue to grow in this division.

Starting in H2 24, Aquis’ strategic investments in the Technologies division will drive further scale and quality of contracts.

The consolidated tape represents significant potential upside for Aquis.

Current trading remains in line with the Board’s expectations set out in the August 2024 trading update.