The broker is moving towards rebranding, the CEO revealed.
Its total share capital is now £8.22 million.
The existing shareholders of Valutrades Limited, the London-based entity operating the broker brand Valutrades, have injected £823,499 (about US$1 million) into the company with a fresh share allotment, the latest Companies House filings today (Friday) show. The company will use the funds towards its rebranding.
A Rebranding Is on the Way
"The additional capital will be used to support some exciting new developments, including a global rebrand and a totally new technology stack. We can't wait to share more about these in the coming months," Graeme Watkins, the CEO of Valutrades, told Finance Magnates.
The new funding came from existing shareholders led by Anil Bahirwani, the Founder of Valutrades and a couple of other financial services companies. Aman Lakhiani, an existing investor, and Watkins, who has been running the broker since 2015 as the CEO, continue to hold stakes in the brokerage.
The new shares in the company were allocated on 27 September, taking its total share capital to £8.22 million.
Broker's Revenue Increased Significantly
The Valutrades brand operates with two licenses, one from the United Kingdom's Financial Conduct Authority and the other from the regulator in the Seychelles. The offerings under both entities are more or less the same: it offers trading services with margin forex and contracts for differences of other asset classes.
The Valutrades website is available in five languages: English, Spanish, Portuguese, Mandarin, and Japanese, which shows that it has extensive clientele across the globe.
Another recent Companies House filing by the UK entity of Valutrades revealed its financials for 2022 when its revenue increased by 45 percent to £6.48 million. Although the company posted a gross profit of £3.5 million compared to £2.2 million in the previous year, its expenses took a huge bite out of that, resulting in the pre-tax profit at £552,405, although it's still a yearly increase of about 19 percent.
As seen on the income statement of the company, its administrative expenses for 2022 ascended to £3 million from £2.6 million in the previous year. The UK entity ended the year with a net profit of £735,007, compared to a loss of £471,549 in 2021.
"Looking forward, the end of 2022 and the beginning of 2023 has highlighted the volatile nature of monthly income. However, overall year-to-date performance is now where we expect it to be, with a positive March and April," the filing stated.
"There's no sign of a slowdown in volatility with recent bank failures the latest factor to continue the increased volatility in global financial markets, and Valutrades expects this to impact positively on Valutrades profitability."
The existing shareholders of Valutrades Limited, the London-based entity operating the broker brand Valutrades, have injected £823,499 (about US$1 million) into the company with a fresh share allotment, the latest Companies House filings today (Friday) show. The company will use the funds towards its rebranding.
A Rebranding Is on the Way
"The additional capital will be used to support some exciting new developments, including a global rebrand and a totally new technology stack. We can't wait to share more about these in the coming months," Graeme Watkins, the CEO of Valutrades, told Finance Magnates.
The new funding came from existing shareholders led by Anil Bahirwani, the Founder of Valutrades and a couple of other financial services companies. Aman Lakhiani, an existing investor, and Watkins, who has been running the broker since 2015 as the CEO, continue to hold stakes in the brokerage.
The new shares in the company were allocated on 27 September, taking its total share capital to £8.22 million.
Broker's Revenue Increased Significantly
The Valutrades brand operates with two licenses, one from the United Kingdom's Financial Conduct Authority and the other from the regulator in the Seychelles. The offerings under both entities are more or less the same: it offers trading services with margin forex and contracts for differences of other asset classes.
The Valutrades website is available in five languages: English, Spanish, Portuguese, Mandarin, and Japanese, which shows that it has extensive clientele across the globe.
Another recent Companies House filing by the UK entity of Valutrades revealed its financials for 2022 when its revenue increased by 45 percent to £6.48 million. Although the company posted a gross profit of £3.5 million compared to £2.2 million in the previous year, its expenses took a huge bite out of that, resulting in the pre-tax profit at £552,405, although it's still a yearly increase of about 19 percent.
As seen on the income statement of the company, its administrative expenses for 2022 ascended to £3 million from £2.6 million in the previous year. The UK entity ended the year with a net profit of £735,007, compared to a loss of £471,549 in 2021.
"Looking forward, the end of 2022 and the beginning of 2023 has highlighted the volatile nature of monthly income. However, overall year-to-date performance is now where we expect it to be, with a positive March and April," the filing stated.
"There's no sign of a slowdown in volatility with recent bank failures the latest factor to continue the increased volatility in global financial markets, and Valutrades expects this to impact positively on Valutrades profitability."
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.
Marex Reports Strong Full Year and Quarterly Results: Revenue Jumps 75%
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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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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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.
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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
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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
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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
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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.
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