LandFX UK Limited, the FCA-regulated subsidiary of LandFX
Group, released its full-year financial results for the year ended 31 December
2022, reporting a massive increase of 243% in pre-tax profit. The figure shot up to £46,516, from £13,546 in 2021.
Rising Revenues from Commissions
The broker reported an increase of 15% in revenue for the period, rising to £823,595 from £711,544 in the previous year. LandFX UK’s revenue mainly
comes from the commission charged on forex and CFDs trading and is based on
the volumes of trades on its platform.
Compared
to last year, the company’s
administrative expenses increased 8% to £740,160, which is up from £683,224. Additionally, LandFX UK’s cost of sale
increased to £34,427 from £13,943 during the corresponding prior period. This
represents an increase of 146%.
In 2022, the
broker’s operating profit increased to £49,008, which is a 240% year-over-year gain
compared to the £14,377 reported in 2021.
Besides the increase
in revenue and operating profit,
the private company, limited by shares and incorporated in England and Wales, also expanded its balance sheet, with net assets increasing 10% from £425,017 to £471,533.
Institutional Liquidity for Forex and CFDs
LandFX UK was licensed in 2016 by the Financial Conduct
Authority (FCA). The company offers institutional liquidity for forex and CFDs,
including spot metals, spot oils, indices, and commodities, according to its website.
In a previous filing
with the British financial watchdog, LandFX UK said the company was continuing its expansion in
the European and non-European markets through online and offline marketing
campaigns.
In 2017, LandFX UK collaborated with top-tier
banks and non-banking liquidity providers and started getting access to feeds from Citi, Barclays, Morgan Stanley, JPMorgan, and Goldman Sachs, among others. The company mainly focuses on enhancing spreads, quality execution, global locations, and transparency of executions.
UK bank taps Integral; StoneX’s prime brokerage; read today’s news nuggets.
This article was written by Jared Kirui at www.financemagnates.com.
