AxiCorp’s UK Subsidiaries Saw Healthy Growth in FY2020 Business

AxiCorp Limited, the British subsidiary of Australian Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs trading provider, has published its annual financial reports, ending on June 30, 2020. Its revenue increased marginally, but the profits took some hits.

As mentioned in the latest Companies House filing, AxiCorp’s business turnover for the period came in at £4.78 million, compared to the previous year’s £4.65 million. There was only a 2.8 percent annual increase in revenue.

With an administrative expanse of £4.43 million, the company gained a pre-tax profit of £333,104 in the period. It turned £514,306 in pre-tax profits the previous year, generating £170,704 from interests, which was missing last year.

The net income of the AxiCorp, only for the UK subsidiary and not any other unit, stood at £259,174, which was down from the previous year’s £429,685.

AxiCorp’s UK entity is the subsidiary of Australia-based AxiCorp Financial Services Pty Ltd (AFSPL) and provides support to its parent.

“The principal activity of the company during the financial year was the provision of services for direct market access trading of contract for difference and other financial difference,” the filing stated.

Additionally, the company highlighted that it is not expecting any damage from the outcome of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term as the majority of its clients are based outside the European Union. Moreover, it highlighted that the Aussie parent also has a European subsidiary.

The New UK-Based Tech Provider

In addition to AxiCorp Limited, Star Financial Systems, a company acquired by the same Aussie parent, published its annual financial results. The company offers trading technology solutions.

Star Financial’s latest revenue update was made for the period of 17 months till June 30. It reported a revenue of £1.11 million for the period, gaining 58.56 percent from the previous 12 months. However, with high administrative costs, the company’s losses also deepened.

The technology provider ended the 17-month long financial year with a loss of £344,387, while in the previous year, it lost only £10,484.