APM Capital Markets, formerly known as BUX Financial Services, released a strategic report accompanied by a financial report for the fiscal year ended 2023. The company reported declining revenue and profit, citing restricting plans amid the decision to sell the company and other EU-based CFD businesses.

Revenue declined to £843,938 from 1,523,424 during the same period of 2022, and losses widened to £2,993,957 from £2,259,242 in the same period last year. According to the firm, there was a limited focus on growing the business during this period and a shift to maintaining core operations and regulatory requirements. This also affected the client base.

Cost-Cutting Measures

“There has been planned attrition of the UK client base during the year and subsequently to the year-end, as the cost-cutting measures involved migrating all customers off the existing trading platform to reach a pause on trading activities before the sale of the company,” the company noted.

BUX Financial Services entered into an acquisition agreement with Asseta Holding Limited, a company incorporated in Abu Dhabi, United Arab Emirates. The company reportedly plans to launch a new trading platform and grow its customer base in the UK, under APM Markets brand, supported by Asseta Holding Limited.

Cost of sales increased from £2,239,965 to £3,085,522 during the period, while operating losses also jumped from £2,363,137 to £2,994,215. APM Capital’s financial position remains positive, although net assets declined from £3,227,704 to £1,433,747. Total equity also dropped from £3,227,704 to £1,433,747.

Name Change

Explaining further about the transaction, the company mentioned that: “A share sale and purchase agreement was signed on May 17 2024, followed by a change in control approved from the FCA and completion of the acquisition of the company in July 2024. Following the acquisition, the company’s name changed to APM Capital Markets Limited.”

“The directors consider that the entity is a going concern on the basis that it has received a letter of support and injection of cash post year-end from Asseta Holding Limited, the acquiring parent entity, and they are satisfied through their enquiries as to the intention and ability of the parent to provide support.”