LeapRate has learned via regulatory filings made in the UK and France that international derivatives broker and FX market maker Sucden Financial Limited reported so-so results for 2016.
On the top line, Revenues rose by 7% to £46.5 million, although still well below where Revenues were in 2013 and 2014 at Sucden.
On the bottom line, due to higher costs Operating Profits were down 6% to £7.7 million, while Net Profits were down 64% to just £3.4 million due to lower returns in the company’s defined benefit pension plan leading to a £6.5 million charge to earnings.
FCA licensed Sucden Financial is a subsidiary of French private company and commodities trading giant Sucres & Denrées S.A. Headquartered in Paris, Sucres & Denrées was founded by Maurice Varsano in 1952 and has remained private. The company is presently led by Maurice’s son, Serge Varsano.
Sucden Financial is a ring dealing member of the London Metal Exchange (LME), and is also a member of both the Intercontinental Exchange and Euronext.Liffe. Sucden provides execution and clearing services for exchange traded products, CFDs and OTC FX and Bullion products. Sucden also acts an an FX market maker for both corporate clients and retail forex brokers.
Sucden Financial’s 2016 income statement:
