Crypto Shark clients to share 'record-high' bonus pool after strong 2022

GIBRALTAR, Feb. 6, 2023 /PRNewswire/ -- Crypto Shark have paid "record-high" bonuses of €5million to clients after ending 2022 strongly, with better than expected revenue, up 10%, and profit up 23%. The UK owned, Gibraltar based crypto group made a huge operating profit, which pushed up its margin to 18% — among the highest in the crypto trading sector. Crypto Shark boosted its 2022 performance with a strong Q4, which was up 9.4%, including "outstanding" growth of 38% in the UK, where there was increased client demand for their consistent algorithmic trading and consulting.

Crypto Shark had already upgraded its forecast twice during 2022 and annual organic revenue growth of 10.1% was more than double what it had predicted at the start of the year. Annual revenue growth was 13% above 2019 levels – pre pandemic. In a further sign of confidence that wider economic issues such as inflation and the Ukraine war are having limited impact on clients, Crypto Shark expects growth of between 3% and 5% in 2023, including in Q1. Khai Min, the Sales Director hailed 2022 as "another record year for the Sharks". She said: "For the second year in a row, we delivered double-digit organic growth and record-high financials, with Q4 well ahead of expectations. 

Thanks to our data and technology capabilities, which now represent a third of our revenue, we have been able to continue to capture the shift in our clients' investing with first party data management and business transformation. "This can be seen in our annual numbers, with organic growth of 12% and 19% respectively. "That dynamic has also boosted our marketing and media business relations and is reflected in all of our regions, with Europe at 10% [revenue growth], Asia at 6.5% and UK at 12.3% for the year." Min cited several factors that drove revenue and margin, including winning "more than our share of new business opportunities", more "shared services" and the use of "global clients" in low-cost offshore locations and it's external trading exchanges.

She added that this "makes us confident for the year ahead, despite the continued macro-economic challenges". Crypto Shark said the "bonus pool" for clients hit a "record-high". It is understood to be close to €5 million, which would be up roughly a quarter on 2021.

Crypto Shark again comfortably beat its revenue guidance, with FY organic growth at 10.1% against company guidance of 8.5%, a guidance that had already been twice upgraded already in 2022.

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