Annual Report

CEO Executive Statement

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Year Ended June 2023

Hello, I’m Greg Newman, Chief Executive of Onyx Capital Group. Today, I'm thrilled to share our achievements and the exciting journey of the past year.

The financial year in review was coming off the back of highly volatile events around 2022, and therefore there was uncertainty around how business models in the oil and Commodities industry would perform.

In this time we achieved a group revenue of 208 million pounds sterling, which is a 30% increase year-on-year. Our EBITDA also rose, increasing by 23% to 76 million pounds sterling.

This was a decisive year for us here at Onyx to demonstrate to the world how our business model can perform against highly variable market conditions and maintain a long-term growth trajectory.

In 2022, market volatility surged to unprecedented levels, which benefited trading entities in the oil and Commodities industry, whereas volume-centric businesses, such as inter-dealer brokers and Exchanges, faced challenges amidst rising capital requirements which subsequently diminished volumes and market liquidity. During this time, we were able to capitalise on these market dynamics like a traditional trade house.

The following financial year saw a reversal of that volatility and a thinning of trading margins, but a recovery of volumes, thereby benefiting volume-centric businesses and creating more challenging conditions for trade houses. During this time, we were able to benefit from these market conditions like a volume-centric business. Our volumes increased 47% year on year to 24.5 billion barrels, thereby offsetting the reduction in trading margins by increased scale.

The growth during these times speaks to the robustness of our liquidity model, which is increasingly supported through services to both encourage trading flows into our platform and diversify revenue.

The underlying growth drivers from the business remains primarily market share growth on our core market-making activities, and expanding this market share across more products. But it will also come from organic growth in our supporting services, as we drive these to maturity.

Outside of the core performance, we have been working hard to solidify foundations in this rapidly growing business to prepare us to both scale and future investment.

We started the Singapore office in this financial year which has exceeded expectations, and we have now started a Power and Gas business in Zug, Switzerland.

We have made multiple key senior trader hires, whilst we have made personnel and infrastructure investments in the services to maintain the triple digit growth in subscription revenue and commissions.

As we embrace the new financial year, we are looking to take the next steps to solidify our business as key market infrastructure. To support that drive I’m very excited to announce the formation of a formidable C-suite. Ishaan Hermani has recently joined as Chief Technology Officer, John Beckwith as Chief People Officer and we will be welcoming Andrew Chen as Chief Financial Officer, formerly the Deputy CFO of FTSE 250’s TPICAP Group plc early next year. These new hires join myself, Omar and Miles to lead each core area pivotal for the overall Group’s growth.

We are all very excited for the future here at Onyx Capital Group and look forward to bringing exciting changes to the market that will benefit all. I want to thank you for those who have supported us so far in our journey, and have a wonderful Christmas and New Year.

You can also read our other annual reports: 2022, 2021, 2020, 2019.

Read more on Companies House

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Disclaimer Notice: Unauthorised Firms

The Financial Conduct Authority has released warnings that the following unauthorised firms “Onyx Traders” and "Onyx Trade Group" may be targeting people in the UK. The Onyx Capital Group, and its subsidiaries (collectively "Onyx"), do not have any association with these firms. Onyx Commodities Limited (FRN: 778117) and Onyx Capital Advisory Limited (FRN: 822509) are both authorised by the Financial Conduct Authority.