London financial services firm sees profits pass £1m despite a "number of uncertainties"

A financial market services provider has announced that it saw a 12 per cent increase in profits in the year ended 30 June 2020.

Arcontech, which is based in London and provides products and services for financial market data processing and trading, reported profit before tax of £1.041m for the year, up from £93.72k in 2019.

The company also saw its revenue climb to £2.96m, up by 4 per cent from £2.84m, as it continued investment in sales and products throughout the year.

Richard Last, chairman of Arcontech, commented: “Our recurring annual licence fees provide a stable base for the business and our pipeline of prospects remains positive, but, as with most businesses we face a number of uncertainties: the impact of the COVID-19 pandemic, Brexit and changes taking place in the financial markets, as well as with our competitors.

“However, against this background our workforce has shown resilience and flexibility in dealing with the consequences of the pandemic and our customer relationships remain strong

“We are a global business and believe we offer excellent levels of support and operational flexibility as well as significant competitiveness, hence, we have the ingredients for growth, despite the macro economic climate.

“However, given the uncertain backdrop the outlook needs to be tempered by the possibility of further magnification of our traditionally long and complex sales cycles.”