Infinox, an FCA-regulated online retail brokerage for foreign exchange and CFDs, is continuing to post solid results. After the company rebranded in July 2016, it has been posting consistently positive numbers.
Revenues more than doubled in fiscal 2017, that ended on March 31st, to £17.5 million. The number is higher by 110 percent when compared to fiscal 2016. The company’s cost of sales and administrative expenses roughly doubled, to £12.5 million and £3.7 million.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
The expansion effort of the brokerage paid off with net profits coming in at £1.1 million, when compared to just over £350,000 in fiscal 2016.
The firm is committed to expanding into new markets and has recently hired a new sales head for the Asian region. Back in August, Penny Kong joined the firm after spending over five years at GAIN Capital.
The rebranding to Infinox has proven to be a substantial boost for the company, after it formerly went by GO Markets UK under its FCA license between 2014 and 2016. The company, led by CEO Robert Berkeley, committed to creating a new brand from scratch, a step which came at a crucial time and differentiated the firm in a highly competitive industry.