The company netted $2.07 million in net profits for the year.
The average month-end client money balance jumped to $21.3 million.
The UK-registered subsidiary of Axi, a forex and contracts for differences (CFDs) broker, closed the fiscal year ended on 30 June 2023 with an annual client revenue of $27.5 million, a jump of about 110 percent.
Axi’s UK Revenue Soars
The recent Companies House filing presents the business performance of Axi Financial Services (UK) Limited and its three subsidiaries, two of which are dormant. The UK unit is a subsidiary of Australia-based AxiCorp Financial Services (AFSPL).
The principal activity of the UK business of the brokerage “continues to be the provision of support and trading facilities in foreign exchange and CFDs to individuals and corporate customers, who are both clients” of the company and its Aussie parent. The UK company provides administration services to the Australian parent and other subsidiaries.
The average month-end client money balance on the UK unit and its subsidiaries jumped to $21.3 million by the end of the last fiscal year, compared to $10.2 million in the previous one. The highest month-end balance in the 12 months was $22.9 million.
“The key business risk relates to the continued support of AFSPL to provide the Group's revenue stream,” the Companies House filing added.
Another Profitable Year
Apart from the trading revenue, the UK business of Axi generated $121,804 as other income. Its sales cost and administrative costs went up significantly, echoing the revenue, resulting in an operating profit of $2.2 million, compared to over $2 million in the previous year.
The company further earned $297,089 from interests, taking the pre-tax profit to $2.5 million from $2.06 million in the previous year. After taxes, it netted $2.07 million as comprehensive income for the year, an increase of over 11 percent.
Meanwhile, Axi has expanded its business streams over the last few months. It jumped into the prop trading space by launching services with up to a 90 percent profit split. Interestingly, Axi offers prop trading with live accounts, unlike demo account prop trading, which is offered by most firms.
The UK-registered subsidiary of Axi, a forex and contracts for differences (CFDs) broker, closed the fiscal year ended on 30 June 2023 with an annual client revenue of $27.5 million, a jump of about 110 percent.
Axi’s UK Revenue Soars
The recent Companies House filing presents the business performance of Axi Financial Services (UK) Limited and its three subsidiaries, two of which are dormant. The UK unit is a subsidiary of Australia-based AxiCorp Financial Services (AFSPL).
The principal activity of the UK business of the brokerage “continues to be the provision of support and trading facilities in foreign exchange and CFDs to individuals and corporate customers, who are both clients” of the company and its Aussie parent. The UK company provides administration services to the Australian parent and other subsidiaries.
The average month-end client money balance on the UK unit and its subsidiaries jumped to $21.3 million by the end of the last fiscal year, compared to $10.2 million in the previous one. The highest month-end balance in the 12 months was $22.9 million.
“The key business risk relates to the continued support of AFSPL to provide the Group's revenue stream,” the Companies House filing added.
Another Profitable Year
Apart from the trading revenue, the UK business of Axi generated $121,804 as other income. Its sales cost and administrative costs went up significantly, echoing the revenue, resulting in an operating profit of $2.2 million, compared to over $2 million in the previous year.
The company further earned $297,089 from interests, taking the pre-tax profit to $2.5 million from $2.06 million in the previous year. After taxes, it netted $2.07 million as comprehensive income for the year, an increase of over 11 percent.
Meanwhile, Axi has expanded its business streams over the last few months. It jumped into the prop trading space by launching services with up to a 90 percent profit split. Interestingly, Axi offers prop trading with live accounts, unlike demo account prop trading, which is offered by most firms.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
ECB Sounds the Alarm on AI in Finance: Regulation Needed
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa