UK-regulated Tavira Financial Limited, known for being an agency broker and execution specialist, is closing down its equities contracts for differences (CFDs) business, the company confirmed in its latest Companies House filing. It has already completed the majority of its closure process during the 2023-2024 fiscal year and will finish the remainder in the ongoing fiscal year.
CFDs Is No Longer Available
Although the brokerage did not provide any specific reason for the closure of its CFDs business, which it was building out of Dubai, it highlighted: “We have seen a reduction in some product lines within traditional brokerage revenues.”
Tavira hired Andrew Gibson, an industry veteran with three decades of experience, in early 2022 to develop its FX and CFDs products based out of Dubai. However, Gibson left the company last year to launch his own CFD brokerage.
A Profitable Year
Meanwhile, UK-registered Tavira generated over £31.7 million in revenue in fiscal 2024, which ended on March 31, an increase of almost 25 percent year-over-year. Most of its revenue was generated from its Dubai-based establishment, which brought in almost £19.9 million, followed by £8.8 million from the London location.
The company also has an office in Monaco, with only four full-time staff, which brought in £2.4 million in revenue. It also has an Australian branch that has been operating for the last two years and added a second Melbourne office last year. Australia only turned £714,000 in revenue, a jump of 95 percent, while its profitability increased by 125 percent.
The company further highlighted that it strengthened its headcount by 27 percent last fiscal year. Its UK and Dubai offices had 23 and 20 employees, respectively, at the end of the last fiscal year.
Furthermore, the company also turned a pre-tax profit of almost £1.14 million last fiscal year, recovering from a loss of £57,174. The net figure came in at a gain of £1.08 million, compared to a loss of £126,310 in the previous year.
UK-regulated Tavira Financial Limited, known for being an agency broker and execution specialist, is closing down its equities contracts for differences (CFDs) business, the company confirmed in its latest Companies House filing. It has already completed the majority of its closure process during the 2023-2024 fiscal year and will finish the remainder in the ongoing fiscal year.
CFDs Is No Longer Available
Although the brokerage did not provide any specific reason for the closure of its CFDs business, which it was building out of Dubai, it highlighted: “We have seen a reduction in some product lines within traditional brokerage revenues.”
Tavira hired Andrew Gibson, an industry veteran with three decades of experience, in early 2022 to develop its FX and CFDs products based out of Dubai. However, Gibson left the company last year to launch his own CFD brokerage.
A Profitable Year
Meanwhile, UK-registered Tavira generated over £31.7 million in revenue in fiscal 2024, which ended on March 31, an increase of almost 25 percent year-over-year. Most of its revenue was generated from its Dubai-based establishment, which brought in almost £19.9 million, followed by £8.8 million from the London location.
The company also has an office in Monaco, with only four full-time staff, which brought in £2.4 million in revenue. It also has an Australian branch that has been operating for the last two years and added a second Melbourne office last year. Australia only turned £714,000 in revenue, a jump of 95 percent, while its profitability increased by 125 percent.
The company further highlighted that it strengthened its headcount by 27 percent last fiscal year. Its UK and Dubai offices had 23 and 20 employees, respectively, at the end of the last fiscal year.
Furthermore, the company also turned a pre-tax profit of almost £1.14 million last fiscal year, recovering from a loss of £57,174. The net figure came in at a gain of £1.08 million, compared to a loss of £126,310 in the previous year.
This post is originally published on FINANCEMAGNATES.
