Fortrade Sees 576% Jump in FY20 Net Profit

Fortrade, a London-based forex and CFDs broker, has seen a solid uptick across all its key performance metrics for the financial year 2020, ending December 31, according to the latest Companies House filing.

The yearly turnover of the broker came in at £26.67 million, which is up from the previous year with £15.54 million. That was a year-over-year jump of more than 71.6 percent. However, the cost of sales for the year also jumped to £22.09 million from £12.15 million.

The gross profit for the year came in at £4.58 million, while considering administrative expenses and other payable interests and charges, the pre-tax profit came down to almost £1.2 million, which is an increase of more than 592 percent from the previous year.

Fortrade ended the year with a net profit of £995,642, which is much higher when compared to 2019’s £147,404.

“The results for the year and financial position at the year-end were considered satisfactory by the directors who expect continued growth in the foreseeable future,” the filing noted.

Rebound in Performance

Established in 2013, Fortrade offers CFDs trading services with forex, stocks, indices, commodities and US treasuries. It targets both retail and institutional clients.

The broker reported these solid numbers after a dull performance in 2019 when both revenue and profits dropped, Finance Magnates reported earlier.

“The group continues to look for opportunities overseas, and, therefore, the directors expect that the parent company will grow its businesses in both core market and new markets, and this will lead to an improvement in the group’s financial results and the key performance indicators,” the broker added in the filing.