Global Market Index (GMI) has reported its financial results for the last year. The financial services provider turned profitable in 2020 after suffering a loss in 2019. GMI reported a profit of £166,869 in 2020, compared to a loss of £126,878 in 2019.
According to the company’s official filing, GMI saw a dip in revenue in the last year. The overall revenue reached £931,776 in 2020, compared to £1.37 million in 2019. The company saw a drop in consultancy income during the last year.
In 2020, GMI recorded administration expenses of £749,868, which is a significant drop from £1.5 million in 2019.
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“GMI UK has well-organized operations with significant cash buffer to fund ongoing operations in the event of a marked downturn in business activity levels as a result of the coronavirus pandemic or any other significant event. At the time of writing, the company has cash balances sufficient to fund well in excess of two years’ operating expenses. The directors have the ability to control monthly expenditure due to the nature of the costs,” the financial services provider mentioned in the official filing.
Finance Magnates reported about the promotion of Chris Hossain-Nelson as the Executive Director at GMI UK in November 2020. “I am delighted to take up my position as Executive Director of GMI UK and will be focused on maintaining and building relationships with our partners,” Hossain-Nelson said at the time of joining. Additionally, the company promoted Zaid Alkhatib as an Executive Director from his previous position as Head of Operations and Compliance.
Despite the reason that GMI UK turned profitable in 2020, the company has seen a significant drop in its revenue, which is mainly due to a drop in consultancy income. However, turnover from Sales touched £595,768, compared to £490,836 in 2019. GMI UK expanded its portfolio of regulatory licenses in 2019 through the acquisition of Mauritius regulatory license with approval from the Financial Services Commission (FSC) in Mauritius.