The UK-based forex broker AT Global Markets UK Limited (ATFX UK) had an excellent year in 2020 with revenue surging by well over 35%. The results filed with Companies House and which were for the period ending October 31 2020 also showed a considerable jump in trading volume.
The forex broker generated a turnover of more than £3 million which is a considerable increase from the 2019 results which came in at £2.23 million. However, this impressive increase did not stop ATFX from registering a significant loss of £766.416 due to a rise in administrative expenses.
The forex broker also said that its overall results remained neutral. If you haven’t yet started trading brokers, have a look at these Top Forex Brokers.
Forex broker ATFX provides a variety of trading services and continues to grow
ATFX UK is licensed by the UK Financial Conduct Authority and is part of a larger group of entities that are regulated across the world. The broker provides a raft of online trading services which include forex and CFD’s (contract for differences) to an ever-growing number of retail and professional services. The financial figures published only deal with the performance of the UK-based entity and not the group as a whole.
2020 was a busy year for ATFX as it continued focusing on the expansion of activities, chief of which is the ATFX Connect Brand. The latter is an institutional offering to professional clients. The forex broker also invested considerably to enhance its marketing channels.
ATFX UK Continues Strengthening Its Balance Sheet
ATFX also focused considerably on strengthening its balance sheet apart from its core business activities. The forex broker raised additional capital in the year through a share offering worth £4.65 million. The net assets of the company rose to an impressive £6.34 million at the end of the financial year. The previous year, ATFX’s assets were £2.45 million which included a cash balance of £5.76 million.
In the meantime, the broker is also mounting an aggressive campaign to expand its presence internationally. ATFX UK opened an office in Poland last year. Strangely though, the forex broker stated that would not be serving any new clients from this office.
The latest filing also stated that the company will adjust its strategy to face the challenges of Brexit and the Covid19 pandemic.
“The company will continue to adjust the strategy to face the ongoing pandemic, the fallout of Brexit and continued changing regulatory landscape”.
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Gerald Fenech
