The UK business of Melbourne-based broker, ThinkMarkets, published its financials for the year 2021, reporting a 38% decline in turnover. The figure came to more than £2.73 million, compared to £4.38 million last year.
Yet, its executive expense went down sharply, and with that, the operating profit of 2021 came in at £250,112, higher than the previous year's £206,556. Considering interests and other income, which came in the same as in the last two years at £68,000, the broker ended the year with £318,112 pre-tax profits, which was 16 percent higher year-over-year.
The net profit for the financial year, which ended on 31 December 2021, came in at £304,988. It was more than 9.3% higher than the £278,925 produced in the previous year.
The reported numbers were only for ThinkMarkets’ UK operations, not its vaster global businesses.
“The company's business developed in line with the board's expectations and the results for the year and the financial position at the year-end were considered satisfactory given industry conditions and general economic uncertainties,” the Companies House filing of TF Global Markets (UK) Limited stated.
“The company continues to look for opportunities both in the UK and overseas.”
A Growing Broker
It is now expecting growth in business in both core and new markets that might lead to a significant improvement in financial results and “significant growth in client numbers, client deposits and trade volumes.”
Earlier this year, ThinkMarkets launched forex trading services in Japan after earning a JFSA license with the acquisition of a local forex broker. It even received $30 million in funding for expanding the company’s business across multiple verticals in several jurisdictions globally.
