Aquis Exchange PLC on Wednesday announced a rise in net revenue and cash while noting an ongoing challenging market and economic conditions.

The London-based creator and facilitator of financial markets posted net revenue for the six months ended June of £10 million, up 3.5% from £9.7 million a year prior.

Cash and cash equivalents came to £14.5 million, up from £13.9 million the previous year.

The company highlighted that the contract pipeline in Aquis Technologies has grown ‘very strongly, and is now the largest in the division’s history.’

While Aquis maintained that it is ‘well positioned’ to capitalise on market opportunities, it bemoaned the loss of a historical contract for a start-up exchange, which was not renewed.

This will reduce revenue and pretax profit from that renewal for the year ending December 31, and means Aquis now expects second half revenue and pretax profit to be £1 million lower than originally thought.

Chief Executive Officer Alasdair Haynes said: ‘Whilst it is disappointing that our near-term trading has been impacted by a single contract, I am pleased with the progress that we continue to make in establishing the foundations to deliver our strategic objectives.

‘In particular, I am excited to announce to investors our strategic investment into our Aquis Technologies division. The scale of our technology contracts has grown substantially in recent years, and Aquis is now considered a major and credible global player in the provision of regulatory-grade exchange technology. In order for us to fully capitalise on the opportunities in front of us, we have decided to adopt a more proactive strategy, building out our product suite across asset classes and furthering our significant technology and competitive advantage.’

The company expects to release its half year results on September 12.

Aquis shares fell 16% to 400.00 pence each on Wednesday afternoon in London.

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