LMAX Exchange Group has reported strong revenue growth and increased volumes across its platforms achieving record first half results.
The group says gross profit of US$25.8 million is up 27% from H1 2018, with statutory EBITDA of US$11.3m, up 50% from H1 2018 . Its EBITDA margin was 44%, up 7% from H1 2018 and notional trading volume across exchanges was up 9% from H1 2018, this includes cryptocurrency volumes which were introduced to the platform towards the ned of HI 2018.
LMAX notes that, “allied to increasing volumes and profitability in the group’s established FX exchanges, LMAX Digital volumes have grown exponentially to a high of $8.5 billion in June 2019”, adding this business line produced a standalone EBITDA of $1.5m. It adds that since the launch in May 2018, over $20 billion worth of cryptocurrencies has been traded on LMAX Digital.
“Building on our record year in 2018, we have succeeded on continuing the strong momentum into the first half of 2019 and have broken yet more records,” says David Mercer, CEO of LMAX Exchange. “LMAX Digital, our institutional-only crypto currency exchange, has achieved outstanding results with over 7 million trades completed since launch and is our fastest ever growing exchange.
“Based on continued requirements from institutional investors across our venues for order-driven, firm liquidity and the appreciation for our focus on transparency, precision and consistency in execution, we maintain our positive outlook for the rest of 2019 and are excited about what lies ahead for LMAX Exchange Group,” he adds.