Price Markets UK Ltd, a matched principal broker based in London, has published its annual report and financial statements for the year ended December 31, 2017. According to the report, the firm recorded a gross profit for the first time since it began its operations.
During the 12 months ended December 31, 2018, Price Markets UK was rapidly growing its business which resulted in the acquisition of a technology provider in New Zealand. As a result, the FCA-regulated broker managed to expand its offering and generated healthy volumes across both its retail and institutional platforms. In its professional trading operations, the daily trading volume peaked above $1 billion.
In fact, the company managed to onboard more than two live clients per day. According to the report, this was well above the broker’s expectations as its marketing budget was non-existent. The majority of volume transactions came from the firm’s institutional client base.
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In 2017, Price Markets UK recorded a turnover of £603,780. From this, the cost of sales was £235,920. This resulted in the company managing to make £367,860 in gross profit, the first time the company has managed to achieve this. However, after factoring in administrative expenses, which came in at £881,566, the company ran at a loss of £513,706. In 2016, the company recorded an operating loss of £148,698.
Price Markets UK Expects a Profit by 2019
The report also states that Price Markets UK has deliberately been keeping its dollar per million revenue low. This is because the broker plans to increase its footprint in the financial markets and its sole focus at present is distribution. The firm believes that by 2019 it will have sufficient volume and distribution to generate profit on its competitive pricing.
The company provides access to FX and CFD liquidity sources through one single prime brokerage solution. This is provided via GUI and API connectivity.