ATFX UK Continues to Post Higher Revenue with 35% Surge in FY20
AT Global Markets UK Limited, better known as ATFX UK, has published its financial results for the year ended on October 31, 2020, reporting a solid jump in trading volume and revenue.
As per the latest Companies House filing, the broker generated a turnover of more than £3 million, which is a significant increase from the previous year’s £2.23 million. That was a year-over-year increase of 35 percent. But, it ended the year at a loss of £766,416 due to an increase in administrative expenses.
Additionally, the broker highlighted that its overall results remained neutral.
ATFX UK is licensed by the Financial Conduct Authority (FCA) and is part of a group of entities, which are regulated across the world. It provides online trading services in forex and contracts for differences (CFDs) to retail and professional traders. The financial figures reveal only the performance of the UK-based entity, not of the whole group.
2020 was a busy year for the broker as it focused on the expansion of its activities with the development of the ATFX Connect brand, which is an institutional offering to professional clients. Furthermore, the company invested to enhance its marketing channels.
A Strong Balance Sheet
Apart from the business activities, ATFX UK strengthened its balance sheet. It raised additional capital in the year, issuing £4.65 million worth shares. The net asset of the company spiked to £6.34 million at the end of the financial year, from the previous year’s £2.45 million, which included a cash balance of £5.76 million.
Meanwhile, the brokerage group is expanding its operations in the European Union and opened an office in Poland last year. However, the broker earlier clarified that it will not serve any clients from the new office. Furthermore, the latest filing stated that 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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