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.
Lower Turnover, Higher
Profit for LandFX in 2023
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
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.
Lower Turnover, Higher
Profit for LandFX in 2023
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
This post is originally published on FINANCEMAGNATES.
