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.
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.
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.
