Aquis, dubbed the Spotify of stock exchanges, doubled revenues in its first year as a listed company, but warned that Brexit will increase its costs as losses widened.

The exchange, founded in 2013 by Alasdair Haynes, former boss of ITG Europe and Chi-X, said revenues rose to £4m in 2018 from £2m the year before. Its share of pan-European equities continuous trading increased to 3.8% from 1.9% over the course of the year, according to a March 20 results statement.