XTX Markets, one of the City’s new breed of electronic market-makers, enjoyed a healthy revenue boost last year to over £150m — but its aggressive plans for expansion at home and abroad weighed on profits.

The firm, best known for trading in the $5.1tn-a-day foreign exchange markets, was spun out of London-based quantitative hedge fund GSA Capital in 2015. Russian-educated mathematician Alex Gerko and former Deutsche Bank FX chief Zar Amrolia are its co-chief executives.