The UK
subsidiary of retail CFD brokerage Axi has reported a substantial increase in
both revenue and profit for the fiscal year ended June 30, 2024 (FY2024),
according to the company’s recently published annual financial statements.

Axi
Financial Services (UK) Limited, specializing in foreign exchange and
contracts for difference trading, saw its turnover surge to $39 million in
FY2024, representing a 42% increase from $27.50 million in the previous year.

Axi UK’s Revenues and Net
Income Up In 2024

Profit for
the year reached $3.92 million, marking an impressive 90% jump from $2.07
million in FY2023. This significant growth came despite higher administrative
expenses, which rose to $16.05 million from $14.76 million a year earlier.

“The
company continues to operate profitably and has significant liquid
assets,” noted the financial statement, highlighting the firm’s financial
position. Interest receivable contributed substantially to the bottom line,
increasing to $2.45 million from $297,089 in the previous fiscal year.

The robust
performance came as Axi Financial Services expanded its technology investments,
with intangible assets nearly doubling to $4.94 million from $2.49 million. The
company specifically mentioned ongoing research and development activities
“to develop its trading systems,” signaling a continued focus on
technological advancement.

Client Money Balances and Other
KPIs

Key
performance indicators revealed slight pressure on client money balances, which
averaged $19.3 million during the year, down from $21.3 million in FY2023.
However, this reduction didn’t hamper the company’s ability to generate higher
revenues from its client base.

Client
revenues increased to $39 million compared to $28 million in the same period a
year earlier.

Operating
profit rose to $3.45 million, up from $2.22 million in the previous year,
representing a 55.4% increase. The firm’s cost of sales nearly doubled to
$19.47 million from $10.64 million, reflecting both the expanded business
volume and potentially higher market-making costs in what has been a volatile
trading environment.

In 2024, Axi strongly focused on developing its prop trading offering, particularly within the Axi Select program. According to information released in February, the first trader in the company’s history managed to secure $1 million in funding. Udostępnij Eksportuj Przepisz