MahiFX UK Limited, the British subsidiary of the MahiFX Group, has published its financial results for its 2018 fiscal year, ended March 31, 2018. The results, which were filed through UK’s Companies House, revealed a disappointing year for the company, which reported a drop in turnover and an overall loss.
MahiFX Group is a New Zealand based foreign exchange (forex) and technology group. It’s British subsidiary, MahiFX UK Limited, is regulated by the Financial Conduct Authority (FCA) since March of 2017.
For the year ended March 31, 2018, turnover for the company was £1.08 million ($1.41 million). When compared to the previous fiscal year, which had a turnover of £1.57 million, this is 31 percent less.
Overall, the company reported a loss for its 2018 fiscal year of £12,491. In the previous financial year, the London-based company actually managed to achieve a profit of £157,499.
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The FX trading provider’s financial loss came despite a more than 20 percent reduction in expenses. For the year ended March 31, 2018, expenses were £1.1 million. However, in fiscal 2017, expenses were £1.4 million.
One contributor to the disappointing results in 2018, could be due to the fact that it received a tax charge of £1,102, whereas, in the previous year, it actually received a tax rebate of £42,083.
MahiFX Considers Offering Rolling Spot FX Contracts
Despite the profit loss, directors of MahiFX still consider the company as a going concern, which means that it still has enough resources to continue to make money and stay afloat for the foreseeable future.
Looking ahead, however, the firm did state in its report that it is considering a number of strategic alternatives to its current business model. This includes potentially offering non-deliverable, rolling spot FX and metal contracts on a margin basis. This would be offered to both its retail and institutional clients within Europe and the UK.