Capital Index (UK), a London-based online forex and CFD
brokerage firm has disclosed its financial report for 2023, highlighting a decline in revenue and deepening losses. The company’s 2023 trading revenue was 1,035,073, a 29% drop from 1,463,501 in the previous year.
Trading Profit Margin
The trading profit margin for the period was 93% compared to
77% in 2022. Besides that, the company noted that the cash and cash equivalents
as of December 31, 2023, were 240,305. This figure compares to 315,471 in the
previous year.
Capital Index’s losses for the year, factoring in taxation, were 256,045. The losses increased during the period compared to 201,638 recorded in the prior year. Thus, the company has announced that no interim
dividends were paid during this period. Additionally, the directors have not
recommended the payment of a final dividend.
In its business overview statement, the company mentioned
that its UK business has been affected by the cost-of-living crisis, which has impacted client numbers and trading volumes. Nonetheless, the company is
projecting a positive outlook in revenue and cost reduction.
“The UK business continued to suffer due to the cost of
living crisis, both in terms of client numbers and trades, the statement read.
“The directors are hopeful that revenues will increase in 2024, and
together with a reduction in overhead costs, a return to profit will be
possible.”
Expect ongoing updates as this story evolves.
Capital Index (UK), a London-based online forex and CFD
brokerage firm has disclosed its financial report for 2023, highlighting a decline in revenue and deepening losses. The company’s 2023 trading revenue was 1,035,073, a 29% drop from 1,463,501 in the previous year.
Trading Profit Margin
The trading profit margin for the period was 93% compared to
77% in 2022. Besides that, the company noted that the cash and cash equivalents
as of December 31, 2023, were 240,305. This figure compares to 315,471 in the
previous year.
Capital Index’s losses for the year, factoring in taxation, were 256,045. The losses increased during the period compared to 201,638 recorded in the prior year. Thus, the company has announced that no interim
dividends were paid during this period. Additionally, the directors have not
recommended the payment of a final dividend.
In its business overview statement, the company mentioned
that its UK business has been affected by the cost-of-living crisis, which has impacted client numbers and trading volumes. Nonetheless, the company is
projecting a positive outlook in revenue and cost reduction.
“The UK business continued to suffer due to the cost of
living crisis, both in terms of client numbers and trades, the statement read.
“The directors are hopeful that revenues will increase in 2024, and
together with a reduction in overhead costs, a return to profit will be
possible.”
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
