Goldenway's 2019 Revenue Jumps 100%, Reports Net Loss
- The administrative cost of the broker increased significantly.
Goldenway Global Investments, an online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, has published its annual financials for 2019, showing a net loss of £44,98 for the fiscal year, swung from £59,482 in profit for the previous year.
According to the full audited accounts filed by the broker with the UK’s Companies House, its total turnover for the year stood at £3,371,859 - over a 100 percent increase from the same figure in 2018 - but a majority of it was from the sales.
Though the UK-registered broker reported a gross profit of £416,216, the high administrative expenses, £470,152, barred it from registering any profits for the year. In 2018, however, the gross profit of the broker saw a gross profit of £346,739, but disclosed administrative expenses were only at £292,716.
Notably, 2018 was exceptional for Goldenway as it reported losses for the previous two consecutive years following an astronomical profit of £461,732 in 2016, which was driven by the low sales cost.
The broker also earned an interest income of £7,361 in 2019, higher than the previous year.
“At the year end, the company had net assets of £1,839781 (2018 - £1,884,769),” a director’s message read. “The company’s key performance indicators are gross profit 12.34% v 20.60% (2018), net (loss) / profit (1.33%) v 3.53% (2018).”
2019 turned out to be sluggish across the trading industry
Goldenway is not the only one posting poor figures for 2019. Many other European FX brokers also reported poorly for last year mainly due to the strict regulations imposed by the European Securities and Markets Authority (ESMA).
However, most of these brokers reported record sales for the first half of this year, given the higher traders’ activities with the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term induced by the COVID-19.
Goldenway Global Investments, an online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, has published its annual financials for 2019, showing a net loss of £44,98 for the fiscal year, swung from £59,482 in profit for the previous year.
According to the full audited accounts filed by the broker with the UK’s Companies House, its total turnover for the year stood at £3,371,859 - over a 100 percent increase from the same figure in 2018 - but a majority of it was from the sales.
Though the UK-registered broker reported a gross profit of £416,216, the high administrative expenses, £470,152, barred it from registering any profits for the year. In 2018, however, the gross profit of the broker saw a gross profit of £346,739, but disclosed administrative expenses were only at £292,716.
Notably, 2018 was exceptional for Goldenway as it reported losses for the previous two consecutive years following an astronomical profit of £461,732 in 2016, which was driven by the low sales cost.
The broker also earned an interest income of £7,361 in 2019, higher than the previous year.
“At the year end, the company had net assets of £1,839781 (2018 - £1,884,769),” a director’s message read. “The company’s key performance indicators are gross profit 12.34% v 20.60% (2018), net (loss) / profit (1.33%) v 3.53% (2018).”
2019 turned out to be sluggish across the trading industry
Goldenway is not the only one posting poor figures for 2019. Many other European FX brokers also reported poorly for last year mainly due to the strict regulations imposed by the European Securities and Markets Authority (ESMA).
However, most of these brokers reported record sales for the first half of this year, given the higher traders’ activities with the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term induced by the COVID-19.