According to recent filings by Alpari UK for its 2013 year with the Company House in the United Kingdom (UK) – which is a requirement for all limited UK companies, Alpari UK experienced improvements over its 2012 totals yet remained with a reported loss for its 2013 income as per its latest financial statement dated April 16th, 2014 and signed by the firm’s CEO David Hodge.
Alpari UK saw an increase in the number of its customer accounts from 116,320 in 2012, to 138,831 in 2013, an expansion of 19% year-over-year (YoY). During that time total trading volumes amounted to increase from $692 billion in 2012, to $1.161 billion in 2013, a 68% rise YoY. In addition, Alpari UK said that there was a 12% reduction in marketing costs and rebates to brokers, as marketing efforts we refocused in-house to help with cost savings.
Despite these figures, administrative expenses totaling £59,792,232 outweighed revenues of £55,655,244 resulting in a net loss for the company’s income for 2013, and adding an exceptional item such as the writing down of Alpari Financial Services (India) Pvt. Limited which had taken a hefty chunk out of the brokers earnings – after it said it exited that business due to a lack of income generated from the region.
SquaredDirect’s CEO Youssef Barakat Talks Rebranding EffortsGo to article >>
Had it not been for its total exceptional items, that amount would have reduced its loss of £6.2 million further by £1.9 million, yet would have still not been enough to make it into a positive net income figure.
Nonetheless, improvements were seen, as before the India write-down, the loss reported was reduced by 61% at £6.02 million before tax, compared to £10.6 million a year earlier. Income was little changed down 1% YoY, as the company reorganized its management and focused on its hybrid model and expansion of its ECN into MT4, as covered by Forex Magnates in Q4 of last year. Total assets according to the financial reported indicated around £134 million, while gross revenue stood at £55.6 million as of December 31, 2013.
The company recently had a change of direction over its binary options strategy as the landscape for the dually-sided contracts remains uncertain in the UK.