Financial Report 2022

21st March 2023

The revenue jumped 11 percent compared to the previous 12 months.

The two co-founders of iS Prime recently separated.

iS Prime, the UK-based subsidiary of iSAM Securities, closed the financial year 2022, which ended on 30 June, with revenue of £35 million and a pretax profit of £16.2 million.

iS Prime Reports Strong Revenue and Profits

The latest revenue could not be directly compared with the figures of the last fiscal year as the company previously reported figures for 15 months with the change of its financial reporting cycle ending in March to June.

In the fiscal year 2021, iS Prime reported an annual turnover of £37.9 million for 15 months. At the time, its operating profit came in at £10.1 million, which is down about 42 percent, taking a hit due to increased expenditure on its people, technology, and a larger London office.

Regulated by the Financial Conduct Authority (FCA), iS Prime offers full-service brokerage and execution with its proprietary technology. It provides aggregated pricing sourced primarily from Tier One institutions and settled through the group’s bank Prime Brokers.

Although a like-for-like comparison between the two fiscal years cannot be made, the company highlighted that its latest revenue jumped by £3.5 million from the previous 12 months, which is a year-over-year increase of 11 percent. Further, the company’s balance sheet remains strong, with cash of about £37 million.

iS Prime’s financials reveal another very successful year, with our revenue increase resulting from a combination of higher volumes and client acquisition,” said the Managing Director of iSAM, Alex Lowe.

“We continue to invest in our people and products in order to maintain our position as a global market leader, with a focus on transparency, integrity, and a client-centric approach. We have plans in place to evolve the business over the next year, driving further growth for both iS Prime and for our clients.”

Changes in Business

Earlier this year, the two Co-Founders of iS Prime, Raj Sitlani and Jonathan Brewer, separated from the company after eight years. They started the brand in 2014, and until their exit, Sitlani was the Managing Director of iSAM Securities while Brewer was the Commercial Director.

Meanwhile, the overall group underwent a massive overhaul of branding and structure as ISAM Capital Markets became iSAM Securities, covering four business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited.