iFOREX Financial Trading Holdings Ltd. cut its first-half adjusted EBITDA estimate to about $1.4 million today (Thursday). That is roughly $1 million below the $2.4 million it gave investors less than two months ago.
The London-listed CFD broker said the change came out of the review of its interim accounts. It recorded a higher liability for amounts owed to clients at June 30 than previously booked, along with a related non-cash expense.
For shareholders, it is the second downward revision since a July update that put first-half revenue at about $27 million and adjusted EBITDA at $2.4 million on a reported basis. The company said revenue and net cash at the end of June are unchanged from that update.
Full-Year Range Stays Where August Left It
iFOREX kept its full-year adjusted EBITDA guidance at $0.5 million to $2.5 million. It said the accounting effect had "largely reversed" after the period ended, so the impact on the full year is immaterial.
That range dates from August 19, when the company cut its outlook after July trading income fell 76.8% year over year to about $720,000. It blamed the drop on a joint US-Japan currency intervention on July 30 and 31, which moved the yen against its net client exposure.
The board struck a slightly firmer tone today. It said trading conditions "remain challenging" but that August came in slightly better than it had expected. It gave no August figures.
Chief Executive Itai Sadeh said at the time: "We are disappointed to be issuing this update so soon after our H1 update."
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A Short Record as a Listed Company
iFOREX joined the Main Market of the London Stock Exchange on February 25 at 195 pence a share, after pricing the offering after an eight-month delay.
Three weeks later the stock had barely traded, with founder Eyal Carmon holding 58.91% of the shares under a 12-month lock-up. A thin free float means investors have had few price signals to go on as the updates arrived.
iFOREX's numbers were under pressure before the listing. Adjusted EBITDA fell to about $4 million in 2025 from $9.7 million a year earlier, while revenue slipped to $48.8 million from $50.1 million.
The shekel added a separate drag this year. Most of the company's costs are incurred in Israeli shekels but reported in dollars, and the currency's rise opened a $1.8 million gap between first-half EBITDA on a constant-currency and a reported basis, according to the July update.
What Comes Next
The company plans to publish full interim results on September 24, as previously scheduled. It did not quantify the post-period reversal.
Net cash stood at about $12 million at June 30 with no debt. By August 17 it had fallen to roughly $10 million, of which about $4 million is ring-fenced for regulatory requirements, the company said in its August update.
iFOREX Europe is authorized by the Cyprus Securities and Exchange Commission (CySEC ), and iFOREX also holds a license from the Financial Services Commission in the British Virgin Islands. It offers CFDs on more than 870 instruments, according to the company.
