APM Capital Markets’ Revenue and Profit Decline Ahead of Acquisition

APM Capital Markets, formerly known as BUX Financial Services, released a strategic report accompanied by a financial report for the fiscal year ended 2023. The company reported declining revenue and profit, citing restricting plans amid the decision to sell the company and other EU-based CFD businesses.

Revenue declined to £843,938 from 1,523,424 during the same
period of 2022, and losses widened to £2,993,957 from £2,259,242 in the same period last year. According to the firm, there was a limited focus on
growing the business during this period and a shift to maintaining core
operations and regulatory requirements. This also affected the client base.

Cost-Cutting Measures

“There has been planned attrition of the UK client base
during the year and subsequently to the year-end, as the cost-cutting measures
involved migrating all customers off the existing trading platform to reach a
pause on trading activities before the sale of the company,” the company noted.

Source: APM Capital Markets

APM Capital entered into an acquisition agreement with Asseta Holding Limited, a company incorporated in Abu Dhabi, United Arab
Emirates. The company reportedly plans to launch a new trading platform and
grow its customer base in the UK, under APM Markets brand, supported by Asseta
Holding Limited.

Cost of sales increased from £2,239,965 to £3,085,522 during
the period, while operating losses also jumped from £2,363,137 to £2,994,215.
APM Capital’s financial position remains positive, although net assets declined
from £3,227,704 to £1,433,747. Total equity also dropped from £3,227,704 to
£1,433,747.

Name Change

Explaining further about the transaction, the company
mentioned that: “A share sale and purchase agreement was signed on May 17 2024,
followed by change in control approved from the FCA and completion of the
acquisition of the company in July 2024. Following the acquisition, the
company’s name changed to APM Capital Markets Limited.”

“The directors consider that the entity is a going concern
on the basis that it has received a letter of support and injection of cash
post year-end from Asseta Holding Limited, the acquiring parent entity, and
they are satisfied through their enquiries as to the intention and ability of
the parent to provide support.”

APM Capital Markets, formerly known as BUX Financial Services, released a strategic report accompanied by a financial report for the fiscal year ended 2023. The company reported declining revenue and profit, citing restricting plans amid the decision to sell the company and other EU-based CFD businesses.

Revenue declined to £843,938 from 1,523,424 during the same
period of 2022, and losses widened to £2,993,957 from £2,259,242 in the same period last year. According to the firm, there was a limited focus on
growing the business during this period and a shift to maintaining core
operations and regulatory requirements. This also affected the client base.

Cost-Cutting Measures

“There has been planned attrition of the UK client base
during the year and subsequently to the year-end, as the cost-cutting measures
involved migrating all customers off the existing trading platform to reach a
pause on trading activities before the sale of the company,” the company noted.

Source: APM Capital Markets

APM Capital entered into an acquisition agreement with Asseta Holding Limited, a company incorporated in Abu Dhabi, United Arab
Emirates. The company reportedly plans to launch a new trading platform and
grow its customer base in the UK, under APM Markets brand, supported by Asseta
Holding Limited.

Cost of sales increased from £2,239,965 to £3,085,522 during
the period, while operating losses also jumped from £2,363,137 to £2,994,215.
APM Capital’s financial position remains positive, although net assets declined
from £3,227,704 to £1,433,747. Total equity also dropped from £3,227,704 to
£1,433,747.

Name Change

Explaining further about the transaction, the company
mentioned that: “A share sale and purchase agreement was signed on May 17 2024,
followed by change in control approved from the FCA and completion of the
acquisition of the company in July 2024. Following the acquisition, the
company’s name changed to APM Capital Markets Limited.”

“The directors consider that the entity is a going concern
on the basis that it has received a letter of support and injection of cash
post year-end from Asseta Holding Limited, the acquiring parent entity, and
they are satisfied through their enquiries as to the intention and ability of
the parent to provide support.”

This post is originally published on FINANCEMAGNATES.

  • Related Posts

    Prop Trading: Blueberry Funded Updates Forex Symbols

    Proprietary trading platform Blueberry Funded introduced new updates to its forex and metals trading symbols on the DX Trade platform, aimed at enhancing user efficiency. The updates will now replace…

    UP Fintech’s Q3 Revenue Soars 44% as Client Assets Double

    UP Fintech Holding, the parent company of Tiger Brokers, delivered an impressive third quarter, reporting record revenue of $101.1 million and a three-year high profit. The company’s performance was marked…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Economic Calendar for the Week 18.11.2024 – 24.11.2024

    • November 13, 2024
    Economic Calendar for the Week 18.11.2024 – 24.11.2024

    Mexico plans to set aside $6 billion for Pemex in draft budget, Bloomberg reports

    • November 12, 2024
    Mexico plans to set aside $6 billion for Pemex in draft budget, Bloomberg reports

    US dollar and bitcoin advance spurred by Trump tariff expectations

    • November 12, 2024
    US dollar and bitcoin advance spurred by Trump tariff expectations

    Gold prices stumble as strong Treasury yields, dollar bite

    • November 12, 2024
    Gold prices stumble as strong Treasury yields, dollar bite

    US oil industry urges Trump to ditch Biden climate policies

    • November 12, 2024
    US oil industry urges Trump to ditch Biden climate policies

    Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises

    • November 12, 2024
    Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises