The British arm of TIOmarkets, TIO Markets UK Limited, went under “consolidation [and] restructuring” in 2022, pushing its yearly revenue down to $34,171. In the previous year, the company reported a revenue of $150,961.
TIOmarkets UK Broke Even in 2022
The cost of sales of the UK-based subsidiary, on the other hand, increased to $197,131 from $145,935. Its administrative costs were reported as $807,729, higher than $446,096.
Additionally, the UK company generated $970,645 from other operating income sources last year, compared to the previous year’s figures of $441,041. With this, it broke even, similar to the previous year.
“2022 has been a year of consolidation, restructuring, and updating/enhancement,” the Companies House filing of the company stated. “We have been through a process of updating all compliance policies, processes, and procedures – both for general enhancement and also in response to numerous regulatory changes that occurred in 2022 and that are on the horizon for the future.”
“The Directors feel that the firm is now in a strong position to move forward in 2023/2024 and expect its clients’ numbers to steadily increase owning to new marketing initiatives, the addition of new products, and new hires that enhance the services offered to clients.”
A Global Broker
TIOmarkets offers a range of CFDs products of asset classes like commodities, indices, single stocks, and FX. Apart from the UK, TIOmarkets operates globally with an offshore license from Saint Vincent and the Grenadines. The reported numbers only represent the business of the UK entity, not of any other Group subsidiaries.
“We continue to engage with our clients, who operate with mainly within the United Kingdom and other 3rd country jurisdictions in which the firm can legally offer its services. Our aim is to understand how clients are developing their knowledge of the service we offer and from which products we can provide which will enhance their offering,” the filing added.
This article was written by Arnab Shome at www.financemagnates.com.
