AxiCorp’s UK Subsidiaries Saw Healthy Growth in FY2020 Business
AxiCorp Limited, the British subsidiary of Australian forex and CFDs trading provider, has published its annual financial reports, ending on June 30, 2020. Its revenue increased marginally, but the profits took some hits.
As mentioned in the latest Companies House filing, AxiCorp’s business turnover for the period came in at £4.78 million, compared to the previous year’s £4.65 million. There was only a 2.8 percent annual increase in revenue.
With an administrative expanse of £4.43 million, the company gained a pre-tax profit of £333,104 in the period. It turned £514,306 in pre-tax profits the previous year, generating £170,704 from interests, which was missing last year.
The net income of the AxiCorp, only for the UK subsidiary and not any other unit, stood at £259,174, down from the previous year’s £429,685.
AxiCorp’s UK entity is the subsidiary of Australia-based AxiCorp Financial Services Pty Ltd (AFSPL) and provides support to its parent.
“The principal activity of the company during the financial year was the provision of services for direct market access trading of contract for difference and other financial difference,” the filing stated.
The company also highlighted that is not expecting any damage from the outcome of Brexit as a majority of its clients is based outside the European Union. It also highlighted that the Aussie parent also has a European subsidiary.
The New UK-Based Tech Provider
In addition to AxiCorp Limited, Star Financial Systems, a company acquired by the same Aussie parent, also published its annual financial results. The company offers trading technology solutions.
Star Financial’s latest revenue update was made for seventeen months till June 30. It reported a revenue of £1.11 million for the period, gaining 58.56 percent from the previous 12 months. With high administrative costs, however, the company’s losses also deepened.
The technology provider ended the 17-month long financial year with a loss of £344,387, while in the previous year, it lost only £10,484.
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