Equiti Capital UK Limited, the FCA-regulated arm of Equiti Group, reported a year-over-year increase of 113 percent in its profitability for fiscal 2021, which ended on December 31, along with a 5 percent jump in revenue.

According to the latest Companies House filing, the broker generated revenue of $32.53 million last year, compared to $30.9 million in the prior year. However, with a bit of a spike in sales cost, the gross profit declined to $20.4 million from $21.6 million.

“Net trading revenues across the Company have been extremely strong in 2021 despite the global economic situation and pandemic. This was primarily driven by increased market volatility and trading volumes,” the Companies House filing stated.

Indeed, its FX Agency desk’s trading volume grew 84 percent year-over-year to touch a record.

The UK broker managed to trim down its administrative cost significantly to end up with an operating profit of $3.74 million, compared to $1.8 million in the prior fiscal. It also highlighted that, despite the challenges of Covid-19, it did not seek government support and none of its staff were furloughed or received a pay reduction.

“The Company, throughout 2021, continued to invest in people as a part of its and the Equiti Group’s strategic business plan with the workforce growing by 10 [percent] over the 12 months,” the filing stated.

Massive Profits

Equiti, from its UK operation, generated $3.7 million in profits, which was up from $1.76 million in the previous year. The performance of the broker has been excellent in the past couple of years. The latest jump in profits followed a year when the UK broker tripled its profits.

“With our ambitious business plans and investment in strategic elements of the business, Equiti Capital continues to see the potential for strong growth in revenues over the next financial year,” said Paul Webb, a Director at Equiti Capital UK.

Meanwhile, the UK subsidiary has strengthened its balance sheet. It ended the year with net assets of $36 million a year-over-year increase of $13.7 million. On top of that, the Equiti Group injected $10 million into its UK division last year.

In addition, Equiti strengthened its executive team by hiring for several key positions over the months. Last month, the group appointed Christoffer Nielsen, the former CIO at Euronext Securities, as the new CTO. Furthermore, the UK subsidiary added Steve Reeves as a Non-Executive Director.

Equiti Capital UK Limited, the FCA-regulated arm of Equiti Group, reported a year-over-year increase of 113 percent in its profitability for fiscal 2021, which ended on December 31, along with a 5 percent jump in revenue.

According to the latest Companies House filing, the broker generated revenue of $32.53 million last year, compared to $30.9 million in the prior year. However, with a bit of a spike in sales cost, the gross profit declined to $20.4 million from $21.6 million.

“Net trading revenues across the Company have been extremely strong in 2021 despite the global economic situation and pandemic. This was primarily driven by increased market volatility and trading volumes,” the Companies House filing stated.

Indeed, its FX Agency desk’s trading volume grew 84 percent year-over-year to touch a record.

The UK broker managed to trim down its administrative cost significantly to end up with an operating profit of $3.74 million, compared to $1.8 million in the prior fiscal. It also highlighted that, despite the challenges of Covid-19, it did not seek government support and none of its staff were furloughed or received a pay reduction.

“The Company, throughout 2021, continued to invest in people as a part of its and the Equiti Group’s strategic business plan with the workforce growing by 10 [percent] over the 12 months,” the filing stated.

Massive Profits

Equiti, from its UK operation, generated $3.7 million in profits, which was up from $1.76 million in the previous year. The performance of the broker has been excellent in the past couple of years. The latest jump in profits followed a year when the UK broker tripled its profits.

“With our ambitious business plans and investment in strategic elements of the business, Equiti Capital continues to see the potential for strong growth in revenues over the next financial year,” said Paul Webb, a Director at Equiti Capital UK.

Meanwhile, the UK subsidiary has strengthened its balance sheet. It ended the year with net assets of $36 million a year-over-year increase of $13.7 million. On top of that, the Equiti Group injected $10 million into its UK division last year.

In addition, Equiti strengthened its executive team by hiring for several key positions over the months. Last month, the group appointed Christoffer Nielsen, the former CIO at Euronext Securities, as the new CTO. Furthermore, the UK subsidiary added Steve Reeves as a Non-Executive Director.