London-based Acetop Financial Limited, a CFDs and spread betting broker, published its annual financials for 2021, ending on 31 December, reporting a sharp decline in its revenue along with deepened losses.
According to the latest Companies House filing by the UK-licensed company, the revenue for the year came in at £170,169, compared to £710,701 generated in 2020. That was a yearly decline of around 76 percent.
Its revenue for the year came both from the trading side with the provision of liquidity to its professional and corporate clients and from its outsourced services.
Losses Deepened
Though the broker managed to cut short its administrative expense by almost 30 percent, it turned in net losses that are much higher than the figure reported a year earlier. The total comprehensive losses for the year came in at £687,536, whereas the figure was £510,381 in the previous year.
“2021 continued to be a tough year with the Covid-19 pandemic continuing to spread globally and affecting the way business is done,” the filing stated. However, there were periods of high volatility in the market, and the broker recorded a notional trading volume of $3.5 billion in 2021 when spot gold remained in the focus.
Acetop Financial Limited is the UK subsidiary of the British Virgin Island-incorporated Acetop International Financial Group Limited. The reported numbers only portray the performance of the UK subsidiary and not the group as a whole.
Furthermore, the ownership of the broker changed in 2020, but there were no changes at the executive level after that, the broker highlighted.
“The UK broker continues to serve clients from the UK and the rest of the world, with a small intake of new clients in 2021,” the filing added. “With other Acetop companies looking to explore new jurisdictions, it is hoped that the UK office will continue to expand its outsourced services and be an integral part of the global infrastructure.”
