Fortrade Limited, a foreign exchange (forex) and contracts for difference (CFD) broker, has published its group annual report and financial statements for the year ended December 31, 2017.
The FCA-regulated firm made headlines last year when it reported incredibly strong results – with its operating revenues coming in at £15.9 million ($20.3 million) for the 12-month period through December 2016, higher by more than 190 percent year-over-year from the £5.4 million reported back in 2015.
However, it seems progress has stalled for the broker this year. With the firm reporting a turnover of £16.1 million, representing an increase of 1.8 percent. While this is up from the previous year, it is less much impressive than the growth experienced in 2016.
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Fortrade highlights that its two key metrics are turnover and operating profit. In 2016, operating profit (minus loss) was £1.1 million. For the 12 months ended December 31, 2017, the broker did record a profit. However, it was considerably less, with 2017 experiencing an operating profit of £230,994.
Fortrade Expected a Strong 2017
Back in 2016, Fortrade provided an upbeat outlook for 2017. Specifically, the broker expected it to see a significant increase in both client base and trading volumes since the major change in its marketing strategy of late 2015, as well as its current efforts to expand trading activity to a much broader area.
For 2017, the total comprehensive income (minus loss) for the period was £175,070. Again, this is drastically less than the value recorded in 2016, which was 84 percent more at £1.1 million.
Fortrade was established in 2013. It is a provider of online trading solutions for both retail and institutional traders. The company is based in the United Kingdom and offers trading instruments which cover more than 50 currencies, almost 250 stock CFDs, commodities and more.