AFX Markets, online brokerage for forex and CFDs, has reported on the outcome of the company’s fiscal year that ended on April 30th 2017 in a filing with the UK Companies House. The firm registered a substantial increase in revenues when compared to the previous year. Turnover rose threefold to £1.65 million ($2.1 million), while cost of sales was marked at around £214,000.
The company’s operating profit stood at £228,201 ($295,000) as administrative expenses increased to £1.2 million ($1.6 million), from just over £0.5 million during the previous fiscal year.
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AFX Group has continued the development of its prime-of-prime broking unit, Quantic Prime. Earlier this summer the company announced the hire of Lisa Murphy as COO. With substantial experience in the industry after spending over 15 years dealing in foreign exchange trading, the FCA-regulated company is aiming to continue developing its offering.
New Mobile Offering for Retail Brokerage STO
With the institutional business of the firm continuing its development, the company’s retail brokerage arm STO Markets is committed to mobile trading. Demand in this space continues to grow rapidly, with mobile-centric offerings across the industry gaining momentum, the ability to offer a stable and user-engaging solution on mobile devices is likely to be key going forward.
STO Markets picked one of the experts in mobile trading and joined the NetDania Markets concept in June this year. Some brokerages in the industry have registered mobile volumes growing massively, with Plus500 nearing 75% of the total, while others have consistently reported over half of their trading volumes executed via portable devices.
Finance Magnates has reached out to AFX Group for a comment on some key metrics in the company’s report and will update the article with further details.