LandFX UK Ltd, the FCA-regulated subsidiary of the LandFX group, published its financials for fiscal 2021, which ended on December 31, reporting a profit of £13,546 and recovering from a loss of £8,720 in the prior year.
It was the first year in the operations history of the broker when its UK operations turned a profit, though the losses were narrowed significantly last year. It posted a pre-tax loss of £221,167 in FY19 and £591,485 in FY18.
However, the broker took a hit on its trading turnover last year. According to the Companies House filing, it generated a total turnover of £711,544 in fiscal 2021, compared to £766,199 in the previous year. That was a year-over-year decline of more than 7 percent.
Moreover, the broker managed to cut its sales costs and administrative expenses. The reported numbers showed that the sales cost went down to £13,943 from £23,029. Also, the administrative costs dropped by more than 9.1 percent to £683,224.
The decreased expenses resulted in an operating profit of £14,377, compared to a loss of £8,720 in the previous financial year.
Expansion Continues
LandFX UK operates with a license obtained from the Financial Conduct Authority (FCA ) in 2016. It launched an institutional offering under the brand Land-Liquidity and provides institutional Liquidity for FX, CFDs, metals and commodities. It focuses on filling the gap between clients and prime brokers that require a substantial amount of capital to provide an institutional level of liquidity .
Furthermore, the broker revealed that it continued to expand its client base in the European and non-European markets last year with online and offline marketing channels, a strategy that has remained the same for the broker over the past few years.
