Finotec Trading UK Limited, an FCA-regulated foreign Exchange and contracts for difference broker, today published its annual report and financial statement for the year ending December 31, 2017 via a regulatory filing.
Finotec Trading, which largely targets institutional clients, had a turnover of £1.6 million in 2017. This is an increase of almost 20 per cent when compared to the 2016 fiscal year, when it saw £1.3 million.
The firm managed to generate turnover of $2.1 million in 2017, whilst Clearing approximately 27 billion client transactions. On average, this translates to $77.47 income per million of traded volume. When compared to 2016, this is an increase of 50 per cent.
Gross income per million traded volume was also up. According to the statement, in 2017 it was up by as much as 18 per cent from $27.74 per million in 2016, to $32.81 per million in 2017.
Whilst turnover increased year-on-year, so did the cost of sales, coming in at £889,307 in 2017. In 2016, the cost was £611,447, representing an increase of 31 per cent. As a result, gross profit increased - but only slightly - in 2017 by 4 per cent year-on-year to reach £678,742.
Future outlook for Finotec Trading
Finotec Trading is a subsidiary of Israel-based firm Yedidya Capital Markets Limited. Since going live in May of this year, the broker has managed to raise more than $2.2 million assets under management. Taking a look to the future, the firm has set its soft target as reaching an income of $5 million by the beginning of 2019 and a hard target of hitting $50 million by the end of next year.
In addition, the firm is currently exploring the possibility of a corporate transaction with its parent company. The purpose of this is to integrate the revenues generated from management and performance fees with Finotec Trading.
