Exinity UK Limited, the operator of the British arm of Andrey Dashin’s FX and CFDs broker brand FXTM, has ended 2022 with a revenue of about £1.68 million, marginally declining from £1.79 million in the previous year. However, the profits of the company skyrocketed to £319,251.
Massive Jump in Profits
According to the latest Companies House filing, the pre-tax profits at £319,251 increased 1,802 percent year-over-year. The UK company also netted the same amount as it did not have to pay income tax.
Exinity UK was established in February 2017 and received a license from the Financial Conduct Authority (FCA) after a year. It has been operating its client trading platform since April 2018.
Despite the astronomical profit jump last year, the revenue of the company has continued to decline in the past couple of years, Finance Magnates reported.
“The revenue of the company derives from commission receivable from a related group entity, Forextime Limited, through acting as a matched principal broker in the retail CFDs market,” the filing added. These revenues are determined from the total trading volume and service fees charged to Forextime Limited.
One of the primary reasons behind the latest profit jump is a gain of £258,111 on disposable investment the company received last year. However, its ‘other income’ declined to £7,214 from £35,729. The company also managed to cut its expenses: administrative expenses came down to £1.61 million from £1.79 million, and the ‘other expenses’ dropped to £9,153 from £19,314.
Performance Metrics
On top of that, the filing detailed that the UK-based company opened 363 new accounts last year, and 204 of them funded the accounts by the end of the year. In the previous year, it added 710 new accounts (370 accounts were funded).
“The company’s key performance indicators, which management uses to assess and monitor the business and its performance, are comprised mainly of new accounts opened, volume traded, and overall profitability,” the filing added. However, it did not reveal the trading volume on the platform.
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