Tavira Securities Limited, an agency broker specializing in global execution services for equities and derivatives, ended the financial year 2022, ending on 31 March, with a revenue of more than £24 million. The figure jumped by 48 percent from the previous fiscal’s turnover of £16.2 million.
The Companies House filing detailed that the revenue from its traditional brokerage business declined by 7 percent. However, its contracts for differences (CFDs) business witnessed a 231 percent increase in revenue, while custody & clearing leapt to 145 percent. Tavira entered into CFDs and custody & clearing business in 2019.
Tavira Securities was established in 2005 and is controlled by its largest shareholder and CEO, Eliot Goodfellow, the previous Head of Equity Derivatives at Refco. The company operates with two licenses, one from the United Kingdom’s Financial Conduct Authority and the other from the Dubai Financial Services Authority (DFSA).
Earlier this year, Tavira onboarded industry veteran Andrew Gibson as the Head of Product Development for its forex and CFDs business.
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Another Profitable Year
A higher annual turnover pushed the cost of sales upward to £14.3 million from £9.6 million. With this, the gross profit for the year came in almost 46 percent higher at £9.67 million. However, the operating profit of the group company declined compared to the previous year.
Considering the administrative expense of £9.4 million and also £301,722 as income from other sources, Tavira ended the year with an operating profit of £535,478. The pre-tax profit for the year came in at £468,931, which is almost 47 percent lower than the fiscal year of 2021. The year-end net profit came in at £435,717 compared to £909,894 in FY21.
“2021/22 was another successful year for the Tavira Group,” the Companies House filing stated. “The company continues to generate a profit, but more significantly reported an increase in revenue, returning to pre-pandemic levels. The strategy of diversification adopted in recent years has therefore proven to be a sensible choice.”
