ICM Capital Limited, the UK entity of the broader ICM.com group, has filed its annual financials for 2020, ending on December 31, and closed the year with a net profit of £177,015. The latest figures are for the UK-based unit of the broker group only and do not include businesses from the other international ICM entities.
ICM Capital Limited is just one part of the ICM group which has expanded and grown exponentially over the past few years, with over 18 offices and a high-profile sponsorship of an F1 team
The pre-tax profits for the broker came in at £226,585, compared to the previous year’s loss of £472,123. The impressive jump in profits resulted from various factors like lowering the cost of sales and a sharp decline in administrative expenses.
According to the latest Companies House filing of the UK entity, its turnover for the period was at £2.62 million, which is marginally higher than the prior year’s almost £2.56 million. However, the other operating income of the broker declined to £1.97 million from 2019’s £3.02 million.
A Multi-Regulated Broker
Regulated by the UK’s Financial Conduct Authority, ICM Capital primarily offers cryptocurrency, spot Forex , and contracts for differences (CFDs) trading services. Apart from the UK entity, ICM also has entities in Switzerland, Malaysia, St. Vincent, and the Grenadines, Mauritius, Sweden, and Qatar.
Moreover, the filing pointed out that after the introduction of the ESMA rules on retail trading markets, the broker has continued to shift its focus on the institutional offering.
Meanwhile, the broker is poised to expand its product line and recently added 700 share CFDs of popular and in-demand US-listed companies like Apple, Microsoft, Amazon, Facebook, Alphabet, PayPal, Slack, and CME Group. Apart from the regular brokerage service, ICM launched pre-paid cards earlier this year in a partnership with Mastercard.
