UK-registered
and FCA-licensed broker LandFX has published its 2023 results, showing a
decline in turnover and gross profit of nearly 30%. Thanks to significantly
lower administrative costs and reduced sales expenses, the company managed to
register an operating profit of £57,000, 16% higher than the previous year.
According
to the report published by LandFX in the UK’s Companies House, turnover was
£598,193, falling 27% from £823,959. As a result, gross profit was reduced to
just under £567,000.
However,
considering that administrative costs fell from £740,000 to £510,000, this
allowed the company to achieve an operating profit of £57,191, 16% higher than
the £49,008 in 2022. Ultimately, profit for the financial year amounted to
£55,033, growing 20% from £46,516.
“The
company generated a profit in the year of £55,033 but is struck after recovery
of current and prior year input VAT in the sum of £74,592. At the year end, the
company had net assets of £526,566,” the company’s report explained.
“The
directors are forecasting the company result for 2024 to be a break-even
position based on the current trading conditions in 2024,” the report
added.
Source: LandFX/Companies House
How Do Other UK Firms
Compare?
In recent
weeks, several UK-based financial firms and CFD brokers have reported their
2023 financial results. Let’s examine how they fared compared to LandFX.
Monex
Europe Limited and Monex Europe Holdings Limited, both UK-registered entities,
experienced a decline in trading income. Monex Europe saw its net trading
income drop to £18 million from £23.5 million the previous year. The company’s
gross profit decreased by 27% to £16.1 million, which they attributed to
unfavorable market conditions, including low volatility and high interest
rates.
On a more
positive note, FXSpotstream Europe Ltd, the EMEA branch of a multibank FX
aggregation services provider, reported growth in both revenue and operating
profit for 2023. The company’s net profit impressively increased by over 60%.
In
contrast, London-based broker Valutrades faced significant challenges in 2023.
The FCA-regulated business saw its turnover shrink to less than a quarter of
the previous year’s figure, resulting in a substantial operating loss and a net
loss of nearly £4 million. Valutrades Limited’s revenue plummeted by almost
80%, from £6.5 million in the previous year to just £1.5 million in 2023.
However, ATC Brokers’ UK operations enjoyed a strong performance in the 12 months ending April 30. ATC Brokers Limited, the UK operator of the FX/CFD brand, reported an increase in turnover, reaching £5.6 million, nearly triple the £2.1
million reported in the previous year.
UK-registered
and FCA-licensed broker LandFX has published its 2023 results, showing a
decline in turnover and gross profit of nearly 30%. Thanks to significantly
lower administrative costs and reduced sales expenses, the company managed to
register an operating profit of £57,000, 16% higher than the previous year.
According
to the report published by LandFX in the UK’s Companies House, turnover was
£598,193, falling 27% from £823,959. As a result, gross profit was reduced to
just under £567,000.
However,
considering that administrative costs fell from £740,000 to £510,000, this
allowed the company to achieve an operating profit of £57,191, 16% higher than
the £49,008 in 2022. Ultimately, profit for the financial year amounted to
£55,033, growing 20% from £46,516.
“The
company generated a profit in the year of £55,033 but is struck after recovery
of current and prior year input VAT in the sum of £74,592. At the year end, the
company had net assets of £526,566,” the company’s report explained.
“The
directors are forecasting the company result for 2024 to be a break-even
position based on the current trading conditions in 2024,” the report
added.
Source: LandFX/Companies House
How Do Other UK Firms
Compare?
In recent
weeks, several UK-based financial firms and CFD brokers have reported their
2023 financial results. Let’s examine how they fared compared to LandFX.
Monex
Europe Limited and Monex Europe Holdings Limited, both UK-registered entities,
experienced a decline in trading income. Monex Europe saw its net trading
income drop to £18 million from £23.5 million the previous year. The company’s
gross profit decreased by 27% to £16.1 million, which they attributed to
unfavorable market conditions, including low volatility and high interest
rates.
On a more
positive note, FXSpotstream Europe Ltd, the EMEA branch of a multibank FX
aggregation services provider, reported growth in both revenue and operating
profit for 2023. The company’s net profit impressively increased by over 60%.
In
contrast, London-based broker Valutrades faced significant challenges in 2023.
The FCA-regulated business saw its turnover shrink to less than a quarter of
the previous year’s figure, resulting in a substantial operating loss and a net
loss of nearly £4 million. Valutrades Limited’s revenue plummeted by almost
80%, from £6.5 million in the previous year to just £1.5 million in 2023.
However, ATC Brokers’ UK operations enjoyed a strong performance in the 12 months ending April 30. ATC Brokers Limited, the UK operator of the FX/CFD brand, reported an increase in turnover, reaching £5.6 million, nearly triple the £2.1
million reported in the previous year.
