Notesco UK Limited, which runs the United Kingdom operations of IronFX, has doubled its annual revenue for 2021. As seen in the latest Companies House filing, the broker generated revenue of $863,071 last year, compared to $431,449 in the previous year.
Though the operating expense of the company jumped last year, it ended the period with an operating profit of $111,079, coming out of a loss of $75,567 in 2020. After considering the other income, costs and taxes, it closed the year with a net profit of $69,747, compared to a loss of $56,556 in the previous year.
“The performance for the year, and the position at 31 December 2021, are considered to be satisfactory and the directors are optimistic about the future as the business seeks to continue to grow its client base in the UK,” the filing noted.
Maintaining a Low-Cost Base Strategy
The company operates in the country under the authorization of the Financial Conduct Authority (FCA). Its principal activity in the year was dealing in investments as a principal (matched-principal broker). Its offerings trading services with currency pairs and contracts for differences (CFDs) of other popular asset classes.
Additionally, Notesco UK elaborated that it maintained a low-cost base strategy last year. “The directors are confident that with the low cost, together with a growing UK client base, the Company will continue to trade successfully in the future,” the filing added.
“The company does not rely on any specific KPI's, instead, relying on good general financial management with regards to debtors control, working capital levels and cost control. The directors are pleased with the performance over each of these areas in the period,” the company further elaborated.
