ATC
Brokers’ UK-focused operations have experienced a robust 12 months ending April
30. In fiscal year 2024 (FY24), the company generated significantly higher
turnover and gross profit compared to the previous year, allowing it to regain
profitability.

ATC Brokers UK Earns £800K
in FY24

According
to the latest report published in Companies House by ATC Brokers
Limited, the UK operator of the FX/CFD brand ATC Brokers, turnover in FY24
reached £5.6 million, nearly tripling from £2.1 million reported the previous
year.

Despite a
fivefold increase in sales costs to £2.6 million, the company still managed to
achieve a gross profit of over £3 million, representing a 100% jump compared to
fiscal year 2023 (FY23). Ultimately, operating profit stood at just under £1
million, with net profit at £799,000, compared to a loss of £47,600 reported
the previous year.

The
company’s net assets also increased significantly, valued at £2.4 million at
the end of the fiscal year, up from £1.6 million in FY23.

ATC Brokers
is not the only UK broker that has recently published financial results for its
FCA-licensed company. Finance Magnates also reported on the annual
results of Trade Capital UK Ltd, operator of TRADE.com, whose net profit in
2023 jumped by almost 60% to nearly £220,000.

ATC is
licensed in the UK and has held another authorization in the Cayman Islands for
almost six years. The company is significant in providing FX/CFD services
outside the UK, especially since Brexit .

Earlier
this year, the firm became involved in a legal case concerning a suspected $78
million Ponzi scheme called Oasis. Burton Wiand, acting as the receiver for
Oasis International Group, sued the forex and CFD broker ATC Brokers Ltd and
the company’s co-founder, David Manoukian. Wiand alleged their involvement in
fraudulent transfers. The district court initially dismissed Wiand’s claims,
citing a lack of standing.

Mixed Results for Other UK
Brokers

While ATC
Brokers and the aforementioned TRADE.com can consider 2023 successful, not all
firms were equally fortunate. Last week, Finance Magnates reported that Trade
Nation, a spread betting and CFD provider, saw lower
turnover in its UK operations, resulting in a financial loss of £2.2 million.

The
company’s main headquarters in London, operating as Trade Nation Financial UK
Limited under FCA license, recently published its 2023 results. These showed a
decline from 2022, with a 5% decrease in turnover and over 300% drop in
operating profit.

According to a separate report, the FCA-regulated ParFX also experienced a 14% revenue drop in 2023 due to
decreased client numbers, with net profit shrinking by 84% to $934,000.
However, the wholesale electronic trading platform for spot Forex products, a
subsidiary of the Tradition UK Group, plans to expand its global distribution
network and broaden its “FX electronic trading community.”