FCA-regulated ParFX, a spot forex trading platform, has published its annual financial results for 2019, ending on December 31, showing a yearly decline in its revenue and profits.
According to the latest Companies House filing, the total turnover for the period declined to $6.84 million from the previous year’s turnover of $7.11 million. That was a year-over-year decline of 3.8 percent.
The administrative expense of the company remained around $5.5 million, a percent less than the previous year. With this reported revenue and expense, the trading platform turned a pre-tax profit of $1.5 million, which includes $146,000 generated from the provision of electronic data to third parties. In the previous year, the platform earned $1.7 million before taxes.
March Numbers Are Still Unknown
It is to be noted that the reported figures were from 2019 and does not count the business received in last March with the market volatility. Brokers gained a windfall in that month with a massive increase in demand.
The net profit of ParFX in 2019 came in at $1.2 million, which was 12.4 percent lower than the previous year.
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ParFX is a subsidiary of the Tradition UK group that operates several other financial services platform in the United Kingdom.
“The principal activity of the Company is the provision of a wholesale electronic trading platform for spot FX products, supporting multiple currency pairs on a 24 hour basis,” ParFX explained.
The brokerage further detailed that the net liability of its shareholders’ fund has decreased from $5.88 million to $4.68 million due to the generated profits. It did not distribute any dividends from the profits.
Furthermore, the company updated on the group’s preparedness for Brexit with a ‘contingency plan’ and the possible transfer of staff and ‘certain operations’ within the 27 country bloc.