The International Stock Exchange has announced record-equalling turnover for 2022 despite the challenging macro-economic environment.
The International Stock Exchange (TISE) has released its latest Annual Report which shows revenues of £10.0 million that matched the record set in 2021, post-tax profit declined 13.2% but was still the second highest on record at £4.1 million and earnings per share were 145.6p during the financial year ended 31 December 2022.
During 2022 the Group paid a special dividend of £2.00 per share which, together with the ordinary dividends, equated to a total return of £8.0 million to shareholders in the year.
Anderson Whamond (pictured), Chair of the Group, said: “While adverse macro-economic conditions impaired trading during 2022, nevertheless we delivered our second-best year ever for new listings and profitability. Turnover matched the record set a year previously but profit after tax and basic earnings per share were impacted by the increased costs of doing business and a planned increase in expenditure to support the execution of our strategy to sustain future growth. We were pleased to return £8.0 million to shareholders during 2022 and, on behalf of the Board, I would like to thank our shareholders for their continued support and investment.”
As previously announced, during 2022 there were 956 newly listed securities on TISE. This contributed to a rise of 9.6% year on year in the total number of listed securities on TISE’s Official List which reached 4,020 at 31 December 2022, representing the highest total since the Exchange opened for business in 1998.
During the year, there was continued diversification across TISE’s core bond market offering, the Qualified Investor Bond Market (QIBM). New listings on QIBM in 2022 included securitisations, high yield bonds and convertibles, as well as green bonds and sustainability-linked bonds which were also admitted to the Exchange’s sustainable market segment, TISE Sustainable. The UK remained the largest single source of new business but for the first time in the Exchange’s history, more than 25% of all securities listing on QIBM last year originated from the EU.
This geographic diversification has been underpinned by the continued growth and internalisation of Member firms who facilitate business on TISE. Building on the success achieved in 2021, last year the international membership base grew a further 13%, with three new Members from Ireland and one from Jersey contributing to the total number of Listing and Trading Members reaching 43 at the end of 2022.
Cees Vermaas, CEO of the Group, said: “I am delighted that by focusing on the efficient and secure listing of bonds offered to institutional and professional investors, we achieved further growth in the breadth and depth of our market in 2022 despite the challenging macro-economic environment. This turbulence continues to inhibit new listings, but we have a plan in place that will enable us to mitigate the worst effects of the unsettled market conditions and capitalise on the opportunities which will emerge with the return of a more stable external environment. I look forward to further progressing our strategy to diversify and scale up the business in 2023 which, as our 25th anniversary year, promises to be a significant landmark both in the history and future of TISE.”