The United Kingdom-registered entity of Capital Markets Elite Group, a broker offering equities and contracts for difference (CFDs), generated £502,699 in the fiscal year ended 31 May 2024. The figure rose by 11.8 per cent compared with the previous fiscal year.
Out of the total revenue, the broker generated £371,997 from the United Kingdom and £130,702 from the “rest of the world.”
Another Loss-Making Year for the Broker
However, the company’s yearly loss slightly narrowed to £811,811 last fiscal year from £892,630.
The company managed to reduce its cost of sales to £264,514 from £311,364, leading to a gross profit of £238,185, up from £138,408. After administrative expenses of about £1.05 million, which remained the same over the past two years, the broker’s operating loss came in at £817,201, an improvement from the previous year’s £895,807.
Apart from its operations in the United Kingdom, the broker also operates under another entity licensed in the Cayman Islands, owned by a holding company registered in Saint Lucia. However, the numbers only reflect the performance of the UK entity.
Operating since 2013, Capital Markets Elite Group offers both unleveraged and margined US equities and CFDs across several major financial instruments.
Significant Addition of New Accounts
In FY23, the broker onboarded about 1,000 new accounts under the UK entity. Although it did not disclose the exact number of new client additions last fiscal year, it highlighted that the figure was significant.
“The client onboarding programme has successfully added a significant number of new accounts during this period, with a substantial portion progressing to funding. The client demographic is primarily classified as ‘retail’ by the FCA and is based in the UK and Europe,” the broker noted in its Companies House filings.
“The firm’s focus to date has been the US equity markets, targeting mainly retail clients based in the UK and Europe.”
The United Kingdom-registered entity of Capital Markets Elite Group, a broker offering equities and contracts for difference (CFDs), generated £502,699 in the fiscal year ended 31 May 2024. The figure rose by 11.8 per cent compared with the previous fiscal year.
Out of the total revenue, the broker generated £371,997 from the United Kingdom and £130,702 from the “rest of the world.”
Another Loss-Making Year for the Broker
However, the company’s yearly loss slightly narrowed to £811,811 last fiscal year from £892,630.
The company managed to reduce its cost of sales to £264,514 from £311,364, leading to a gross profit of £238,185, up from £138,408. After administrative expenses of about £1.05 million, which remained the same over the past two years, the broker’s operating loss came in at £817,201, an improvement from the previous year’s £895,807.
Apart from its operations in the United Kingdom, the broker also operates under another entity licensed in the Cayman Islands, owned by a holding company registered in Saint Lucia. However, the numbers only reflect the performance of the UK entity.
Operating since 2013, Capital Markets Elite Group offers both unleveraged and margined US equities and CFDs across several major financial instruments.
Significant Addition of New Accounts
In FY23, the broker onboarded about 1,000 new accounts under the UK entity. Although it did not disclose the exact number of new client additions last fiscal year, it highlighted that the figure was significant.
“The client onboarding programme has successfully added a significant number of new accounts during this period, with a substantial portion progressing to funding. The client demographic is primarily classified as ‘retail’ by the FCA and is based in the UK and Europe,” the broker noted in its Companies House filings.
“The firm’s focus to date has been the US equity markets, targeting mainly retail clients based in the UK and Europe.”
This post is originally published on FINANCEMAGNATES.
