- The UK based forex broker saw a tripling of its profits last year to $1.8 million
- Yearly Gain Up by 209%, a considerable jump from the $569,000 registered in 2019
- The massive increase due to a number of factors including higher revenue and notable increases in income from other sources.
The British subsidiary of the Equiti Group, forex broker Equiti Capital UK has just published its financial results for 2020 ending on December 2020 and they make for excellent reading. The company announced an impressive profit of $1.8 million or a staggering gain of 209% when compared to the $569,000 registered in 2019.
A number of factors contributed to the considerable jump in the profit margins for the forex broker. These include a higher revenue as well as considerable increase in income from various other sources.
According to the filings at Companies House, the revenue of the forex broker for the period was in at $31 million. This was 25% higher than the $24.6 million registered in 2019. The forex broker also continued to strengthen its balance sheet and ended the year with an impressive $22.4 million in net assets. The group’s revenue also increased by 17% during the same period.
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Excellent Year For Forex Broker In General Despite The Pandemic
Equity UK is regulated by the FCA and its principal activity is to provide execution only brokerage services for professionals and institutional clients. These can trade CFDs in spot forex, precious metals, indices as well as commodities.
The UK based entity is among the majority of brokers which witnessed a surge in their businesses due to the market volatility that was induced last year by the pandemic’s impact.
In his comments on the latest financials, Nigel Holmes, acting CEO of Equiti UK and Director of the Equiti UK Board emphasized the importance of strong risk management in the whole picture
“The increase in revenues and profitability can be attributed to strong risk management and controls, good governance and systems in place, and a motivated and dedicated workforce and new business, supported by volatility in the markets due to the pandemic and the global economic situation”.
“The continued growth in headcount is in line with the strategic development plans for the company”, Holmes added.
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Equiti UK Continue To Be Very Active In Operational Activity and Management
The forex broker, Equity Capital UK and the group as a whole remained very active with regards to their operational activities over the past months.
The UK company also made some important changes in management and received a $10 million cash injection from its parent company to continue its strategic expansion. Its safe to say that this has paid off quite handsomely.
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Gerald Fenech
