AFX Group, the UK trading arm of AFX Markets Ltd, which is authorised by the UK’s FCA and Cypriot CySEC, has released its annual report and year-end financial statements for the period ending April 30, 2018. The latest results on UK Companies House showed a healthy uptick in turnover in conjunction with a much higher profit relative to the comparable period of FY 2016.
For the fiscal year 2017, AFX Group’s total revenues surged to $4.9 million (£3.75 million) relative to just $2.16 million (£1.65 million) in the year prior– this was a growth by 127 percent year-over-year.
In addition, AFX Group experienced a decline in administrative expenses during the latest fiscal period, reported at $1.49 million (£1.14 million), rescinding by 6 percent year-over-year from $1.58 million (£1.21 million).
FBS Gives Away Signed FC Barcelona Jerseys for Playing Penalty SimulationGo to article >>
Operating profits were also pointed higher during FY 2017. Looking at the group’s final numbers for the financial year, which factored out interest receivable and other income, AFX Group reported gains of $1.86 million (£1.42 million). This figure is seven times higher year-over-year from $238,000 (£182,803), by far its largest growth segment.
One of the group’s most noteworthy findings was the distribution of its revenues. Out of the aforementioned revenue figure, the firm generated £1.71 million, which is a more than four-fold increase from £410,000 the previous year. On the other end, the Cypriot brokerage earned total proceeds of £2.04 million, relative to £1.24 in 2016 .
AFX Group is the second largest European subsidiary of AFX Markets. The group has maintained an active emphasis on an MT4 offering for foreign exchange, contracts-for-difference (CFDs), and spread betting services.
In 2016, the boutique financial investment firm consolidated a range of its products under two brands including its Quantic and STO offerings, part of its overall brand structure.