The chief executive of LMAX Exchange, the foreign exchange trading platform that was backed by Goldman Sachs until early last year, has said that the company is on track to break even after posting deeper losses prior to last month’s management buyout.

LMAX Limited reported total losses of £12.5m for the year ended April 30, 2012, according to filings with Companies House. This is an increase from the £10.5m loss it posted a year earlier. The deepening losses came despite a 333% increase in the platform's revenues to £1.2m, reflecting a jump in trades from 4,000 a month, to 300,000 a month during the period, the filings said.