Admiral Markets UK Ltd., a forex broker, has released its financial report for the year 2017. The firm, which received authorization from the UK’s Financial Conduct Authority in 2012, saw significant increases in year on year revenues and profits.
Admiral Markets finished 2016 with £3.49 million ($4.72 million) in revenue. At the end of last year, the broker earned total revenues of £5.51 million ($7.49 million) – a 58 percent year on year increase.
The company’s growth in revenue did not generate a corresponding level of increase in sales costs. The broker saw its sales costs increasing from £515,396 to £634,459. This was certainly not an insignificant increase, it was equivalent to a 23 percent year on year increase, but it did not match with growth in revenue.
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Out of the red and into the black
Profits for 2017 were substantially higher than the previous year as the broker saw year on year growth of £1.90 million – from £2.98 million to £4.88 million. Administrative costs also increased by over a million pounds to £4.31 million.
Despite administrative expenses going up, Admiral Markets was able to finish the year with £575,856 in pre-tax profit, a significant increase on 2016 when the broker ended the year by losing £24,564 before tax.
After taxes, the firm earned £429,878 in profit. This was a substantial improvement on 2016 when the firm finished the year £33,521 in debt.