One Global Markets Ends FY2020 in Loss despite Revenue Gain
- The broker significantly reduced the cost of sales last year.
FCA-registered One Global Markets Limited (OGM), a forex and CFDs broker, has published its yearly financials for the financial year 2020, ending on September 30. Though there was an increase in the turnover of the company, it ended the period in losses.
As detailed in the Companies House filing, the revenue of the brokerage came in at £432,491, gaining 5.7 percent from the previous year’s figures. However, the company ended up with a loss of £63,949. Notably, it turned a profit of £1,201 in the previous year.
OGM acts as an agency broker, meaning it offers over-the-counter (OTC) trading services. Additionally, it offers 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 and CFDs instruments to both retail and professional clients.
“As an agency broker, OGM’s business model is predicated exclusively on driving client volumes which have a direct correlation to company revenues. Revenues are thus a function of volumes,” the broker explained.
It derives its revenues from three sources: spread markup, commissions, and swap premiums.
Improved Metrics
Despite the losses, the board of the company is satisfied with the figures due to the improvements in the other metrics.
Along with the turnover increase, the broker significantly reduced its cost of sales, from £215,501 in FY2019 to £132,592 last year. However, the administrative costs increased significantly to £363,848.
“OGM was able to onboard clients throughout 2020 and building and enhancing the infrastructure and policies which results in steady growth throughout the year while cutting down expenses,” the filing noted.
“OGM plans to continue onboarding large volume clients in the next financial year to further increase revenues and scale-up throughout the year with the aim of growing its active client portfolio.”
FCA-registered One Global Markets Limited (OGM), a forex and CFDs broker, has published its yearly financials for the financial year 2020, ending on September 30. Though there was an increase in the turnover of the company, it ended the period in losses.
As detailed in the Companies House filing, the revenue of the brokerage came in at £432,491, gaining 5.7 percent from the previous year’s figures. However, the company ended up with a loss of £63,949. Notably, it turned a profit of £1,201 in the previous year.
OGM acts as an agency broker, meaning it offers over-the-counter (OTC) trading services. Additionally, it offers 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 and CFDs instruments to both retail and professional clients.
“As an agency broker, OGM’s business model is predicated exclusively on driving client volumes which have a direct correlation to company revenues. Revenues are thus a function of volumes,” the broker explained.
It derives its revenues from three sources: spread markup, commissions, and swap premiums.
Improved Metrics
Despite the losses, the board of the company is satisfied with the figures due to the improvements in the other metrics.
Along with the turnover increase, the broker significantly reduced its cost of sales, from £215,501 in FY2019 to £132,592 last year. However, the administrative costs increased significantly to £363,848.
“OGM was able to onboard clients throughout 2020 and building and enhancing the infrastructure and policies which results in steady growth throughout the year while cutting down expenses,” the filing noted.
“OGM plans to continue onboarding large volume clients in the next financial year to further increase revenues and scale-up throughout the year with the aim of growing its active client portfolio.”