Finotec Trading UK Limited, an FCA-regulated foreign exchange and contracts for difference broker, today published its annual report and financial statement for the year ending December 31, 2017 via a regulatory filing.
Finotec Trading, which largely targets institutional clients, had a turnover of £1.6 million in 2017. This is an increase of almost 20 per cent when compared to the 2016 fiscal year, when it saw £1.3 million.
The firm managed to generate turnover of $2.1 million in 2017, whilst clearing approximately 27 billion client transactions. On average, this translates to $77.47 income per million of traded volume. When compared to 2016, this is an increase of 50 per cent.
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Gross income per million traded volume was also up. According to the statement, in 2017 it was up by as much as 18 per cent from $27.74 per million in 2016, to $32.81 per million in 2017.
Whilst turnover increased year-on-year, so did the cost of sales, coming in at £889,307 in 2017. In 2016, the cost was £611,447, representing an increase of 31 per cent. As a result, gross profit increased – but only slightly – in 2017 by 4 per cent year-on-year to reach £678,742.
Future outlook for Finotec Trading
Finotec Trading is a subsidiary of Israel-based firm Yedidya Capital Markets Limited. Since going live in May of this year, the broker has managed to raise more than $2.2 million assets under management. Taking a look to the future, the firm has set its soft target as reaching an income of $5 million by the beginning of 2019 and a hard target of hitting $50 million by the end of next year.
In addition, the firm is currently exploring the possibility of a corporate transaction with its parent company. The purpose of this is to integrate the revenues generated from management and performance fees with Finotec Trading.