ITI Capital released its financial report for 2017 this Tuesday. The Multi-Asset brokerage firm, which is regulated by the UK’s Financial Conduct Authority, reported significant post-tax losses for last year.

ITI Capital is a new name for an old business. ITI Group acquired Walbrook Capital Markets, in its entirety, in August of 2017. The broker was renamed ITI Capital in November of the same year.

Rebranding efforts towards the end of the year don’t seem to have prevented the firm from reporting substantial losses. ITI Capital reported losses of £5.04 million ($6.77 million) after tax. This amounted to an approximately 25 percent increase on last years losses that were equal to £4 million ($5.42 million) after tax.

Software spending

The losses were largely attributable to spending on software development costs. Total administrative costs for the year were £6.07 million ($8.22 million). Of that amount, £4.47 million ($6.05 million) was spent on software development, although the company did not detail who that money went to.

Given the losses the company experienced, the increase in revenues that took place in 2017 won’t be of huge comfort. The firm ended 2016 with a total revenue of £948,057. This increased to £1.10 million ($1.49 million) in 2017, equal to 15 percent year on year growth.

Max Hayden, ITI Capital’s CEO, wrote in this year’s report that the company hopes to return to a positive pre-tax balance in the coming year. He notes that company will focus on developing its retail business and strengthening its executions services for institutional clients.