Trading
Point UK, an FCA-licensed entity responsible for brokerage brands such as XM
and Trading.com, has published its operational results for 2023. Although
revenue clearly increased for another year in a row, rising costs prevented the
company from reaching the break-even point. Nevertheless, the net loss was
reduced to £844,000.
Trading Point UK (Again)
Reports Higher Revenue, but Significant Loss
Trading
Point of Financial Instruments UK Limited (Trading Point) is responsible for
Trading Point’s operations in the United Kingdom. It manages clients from this
part of the world for XM and Trading.com brands.
According
to the latest report published in the UK Companies House, the firm achieved
revenue of £1.4 million in 2023, growing by 40% compared to £1.1 million
reported the previous year.
However,
costs also increased, reaching nearly £2.3 million. The final net result stood
at £844,000, decreasing by about 20% compared to the £1.09 million loss
reported in 2022.
On positive
note, the company’s net asset position increased to £2 million (from £1.4
million in 2022), mainly due to the share capital increase which took place in
February 2023.
“The
share issue consisted of 1,500,000 fully paid ordinary shares of £1 nominal
value each,” the company commented in the report. “The available cash
reserves still indicate the Company’s ability to cover its obligations as they
fall due but also cover its capital requirements.”
Numerous Reports Coming
from The UK
With the
deadline for publishing financial statements for the past year in the UK
approaching, a large number of brokers or their local branches have published
reports recently. Among them was Citadel Securities, whose two British
subsidiaries reported 35% profit growth.
Capital.com
UK wasn’t as fortunate, however. Despite higher revenues, it struggled with
rising costs, which cut the final profit by 60% to $1.5 million, compared to
$4.1 million in 2022.
LandFX also
recently published its financial data, showing a decline in turnover and gross
profit of nearly 30%. However, net profit at the end of the year was £55,000,
growing from £46,500 reported the previous year.
Trading
Point UK, an FCA-licensed entity responsible for brokerage brands such as XM
and Trading.com, has published its operational results for 2023. Although
revenue clearly increased for another year in a row, rising costs prevented the
company from reaching the break-even point. Nevertheless, the net loss was
reduced to £844,000.
Trading Point UK (Again)
Reports Higher Revenue, but Significant Loss
Trading
Point of Financial Instruments UK Limited (Trading Point) is responsible for
Trading Point’s operations in the United Kingdom. It manages clients from this
part of the world for XM and Trading.com brands.
According
to the latest report published in the UK Companies House, the firm achieved
revenue of £1.4 million in 2023, growing by 40% compared to £1.1 million
reported the previous year.
However,
costs also increased, reaching nearly £2.3 million. The final net result stood
at £844,000, decreasing by about 20% compared to the £1.09 million loss
reported in 2022.
On positive
note, the company’s net asset position increased to £2 million (from £1.4
million in 2022), mainly due to the share capital increase which took place in
February 2023.
“The
share issue consisted of 1,500,000 fully paid ordinary shares of £1 nominal
value each,” the company commented in the report. “The available cash
reserves still indicate the Company’s ability to cover its obligations as they
fall due but also cover its capital requirements.”
Numerous Reports Coming
from The UK
With the
deadline for publishing financial statements for the past year in the UK
approaching, a large number of brokers or their local branches have published
reports recently. Among them was Citadel Securities, whose two British
subsidiaries reported 35% profit growth.
Capital.com
UK wasn’t as fortunate, however. Despite higher revenues, it struggled with
rising costs, which cut the final profit by 60% to $1.5 million, compared to
$4.1 million in 2022.
LandFX also
recently published its financial data, showing a decline in turnover and gross
profit of nearly 30%. However, net profit at the end of the year was £55,000,
growing from £46,500 reported the previous year.
This post is originally published on FINANCEMAGNATES.
