Editing Manx Financial Group
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There seem little operating expenses allocated to Manx FX, which contributes to it having an outsized contribution to earnings relative to its operating income. In 2020 and 2021, it also benefited from a strong increase in FX trading due to volatility from both COVID and Brexit. Conversely, market volatility has hurt Edgewater as investors have delayed investment decisions and fewer face-to-face meetings have also hurt business. It is possible that calmer markets may adversely affect Manx FX income. We note that fee income and total operating income in H120 (when COVID started) was £875k and £872k respectively, but only £457k and £224k in the calmer H220 (usually FX markets are busier towards the end of the calendar year). | There seem little operating expenses allocated to Manx FX, which contributes to it having an outsized contribution to earnings relative to its operating income. In 2020 and 2021, it also benefited from a strong increase in FX trading due to volatility from both COVID and Brexit. Conversely, market volatility has hurt Edgewater as investors have delayed investment decisions and fewer face-to-face meetings have also hurt business. It is possible that calmer markets may adversely affect Manx FX income. We note that fee income and total operating income in H120 (when COVID started) was £875k and £872k respectively, but only £457k and £224k in the calmer H220 (usually FX markets are busier towards the end of the calendar year). | ||
Exhibit 1: Operating income by segment (H121) | |||
[[File:Operating income by segment (H121).png]] | [[File:Operating income by segment (H121).png]] | ||
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Source: Manx Financial Group. | Source: Manx Financial Group. | ||
Exhibit 2: Earnings contribution (H121) | |||
[[File:Earnings contribution (H121).png]] | [[File:Earnings contribution (H121).png]] | ||
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Source: Manx Financial Group. | Source: Manx Financial Group. | ||
Exhibit 3: Full year operating income progression (£000s) | |||
[[File:Full year operating income progression (£000s).png]] | [[File:Full year operating income progression (£000s).png]] | ||
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Source: Manx Financial Group. | Source: Manx Financial Group. | ||
Exhibit 4: Full year net profit and ROE progression | |||
[[File:Full year net profit and ROE progression.png]] | [[File:Full year net profit and ROE progression.png]] |