Blackwell Global Investments (UK) Limited, an online trading provider, published its financials for the year ended in March 2022, reporting a revenue slump and deepening losses.
According to the Companies House filing, the UK unit generated £454,308 as annual turnover for the period from offering retail trading services with currency pairs and contracts for differences (CFDs) of other asset classes. The revenue dropped by almost 50 percent year-over-year, which is down from the previous year’s £904,381.
Additionally, the administrative expense of the UK company dropped to £1.69 million from the prior year’s £1.77 million. With all this, the pre-tax loss for FY22 came in at £1.19 million, compared to £895,841 in the previous year.
“The principal risk for the company is its exposure to the volatility of economic conditions and possible economic downturns. Such downturns will likely impact on investor confidence, which will likely impact the frequency ad value of trades undertaken by customers,” the filing stated.
“The company is exposed to financial market risks and may be impacted negatively by fluctuations in foreign exchange and interest rates which create volatility in the company’s results to the extent that revenue is earned mainly in USD/WUR and costs are mainly in GBP.”
A Multi-Regulated Broker
The brokerage company was established in 2010 and started its operations with a Cyprus Investment Firm (CIF) license. But, the company renounced its Cypriot license in mid-2018 two years after receiving an FCA authorization. Moreover, it upgraded its UK license to a Full-Scope IFPRU €730k firm in 2018.
Furthermore, the broker is holding a license from the regulator in the Bahamas in 2020.
“The directors are of the opinion that the company is in a good position to progress into the next financial year despite it being a challenging year for trading, and believe that their expertise should help ensure that the company is successful,” the filing added.
