The Group recorded a 30% increase in pre-tax profits, to £3.0 million (up from £2.3m to June 2022).
Douglas Grant, Group CEO of Manx Financial Group commented: “This is another set of strong results, at a time when market conditions have been challenging. Nevertheless, all our major operating subsidiaries, including MFX Limited, performed admirably during the period under review.
“Indeed, MFX, our foreign exchange business, has performed well despite these turbulent market conditions.
Douglas said he expected the economy and businesses to start picking up by the second quarter of 2024, once interest rates started to fall. “This will improve disposable income levels for corporates and individuals alike,” he advised.
MFX Managing Director, May Hooper, said the latest set of financial results were a vindication of the hard work the team had put in during the period under review. “Uncertainty in the financial markets can have a big impact on international currency transactions, which is why there continues to be a high demand amongst businesses in the Isle of Man for our specialist brokerage services,” she remarked.