Z.com Trade, the UK trading arm of GMO CLICK Group, has released its annual report and year-end financial statements for the nine-month period ending December 31, 2017. The latest results on UK Companies House showed a healthy uptick in turnover in conjunction with a mitigated financial loss for the reported fiscal period.
For the year ending December 31, 2017, Z.com Trade’s turnover surged to $1.9 million (GBP 1.37 million) relative to just $570,265 (GBP 406,542) in the year prior– this was a growth by 236 percent year-over-year, by far its largest growth segment.
In addition, Z.com Trade experienced a decline in administrative expenses during the latest fiscal period, reported at $2.5 million (GBP 1.8 million), decreasing by a factor of 20 percent year-over-year from $3.2 million (GBP 2.6 million).
Operating losses were also pointed lower during FY 2017, albeit still in the red. Looking at the group’s final numbers for the financial year, which factored out interest receivable and other income, Z.com Trade reported losses of $615,000 (GBP 438,368), rescinding by 76 percent year-over-year as well from $2.6 million (GPB 1.84 million).
TrustedBrokerz: The Source More Traders Are TrustingGo to article >>
Z.com Trade is a Financial Conduct Authority (FCA) regulated entity and largest European subsidiary of GMO CLICK Group. The group has maintained an active emphasis on an MT4 offering for foreign exchange, contracts-for-difference (CFDs), and spread betting services.
The company’s core markets remain in the UK, however, Z.com Trade has also focused on other European markets and China.
As part of its rebranding to GMO Financial Holdings, GMO Click has changed its fiscal year period to adopt January-December as the new business year, thereby signaling an end to the April-March period used since its inception in 2012.
The move is aimed at aligning the Japanese company’s financial accounting and fiscal policies with the vast majority of its global peers. The standardization would also ensure uniformity in collection and analysis of operational data from its foreign subsidiaries, which included GMO CLICK Securities, GMO-Z.com Forex HK Limited, FX PRIME, and GMO-Z.com Trade UK Limited.