UK Arm of ADSS Posts 362% Jump in 2021 Profit

ADS Securities London Limited, the UK arm subsidiary of the Abu Dhabi-based brokerage group ADSS, published its financials for fiscal 2021, which ended on December 31. The overall revenue in the period jumped by 50 percent to more than £4.5 million.

However, the revenue of the UK entity dropped by 34 percent year-over-year when income from transfer pricing activities was excluded. “[It] was a result of a continued pivot from an institutional-led offering to that of one centered around professional clients,” the Companies House filing stated.

The broker will continue to implement strategies focused on “retail and professional client sectors within the UK in the short to medium term” as it withdrew services for institutions. It offers trading services with forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) instruments of several other asset classes.

The company stressed that there was no 'material impact' on its business from Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and Covid-19.

The numbers were only for the FCA-regulated UK operations of the ADSS brand and did not include any other global entities. The UK entity is fully owned by ADS Holding LLC with the Mahmood Al Mahmood being the ultimate owner.

A Profitable Year

Though the direct costs to the UK company increased significantly by 362 percent, the gross profit came in at £4.14 million, compared to £3.01 million in the previous year.

On top of that, administrative costs increased from £2.76 million to £3.72 million. Despite that, the operational profits increased to £417,018 from £249,381. It closed the year with a profit of £376,583, both pre-tax and net, which increased by more than 90 percent year-over-year.

Meanwhile, ADSS onboarded Tareq Haddad as a Compliance Director, while Sophia Salim joined the broker as the Chief Product and Innovation Officer. Furthermore, it added Mark Hudson as the Group's Chief Human Resource Officer last month.