Tickmill, a contracts-for-differences broker, released its most recent financial report this Thursday. Despite covering a shorter period of time than its previous financial report, the broker saw a massive increase in revenue and profits.
In October of 2017, Tickmill changed its accounting policy. Rather than reporting from May of one year to May of the next, the broker now records its financial results from January to December.
For this to happen, the broker had to shorten its most recent set of accounts. As such, the results released this Thursday only cover the firm’s results from June 1st to December 31st of 2017.
Although Tickmill was only reporting on a seven-month period, it was still able to record increases in profit and revenue from the previous year-long period.
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Tickmill boosts revenues and profits
According to Wednesday’s report, the firm raked in £3.87 million ($5 million) revenue from June to December in 2017. That was a near three-fold increase on the £1.31 million ($1.69 million) that the broker reported for the entire prior year.
There was an even greater increase in expenses. For the year prior to the most recent report, Tickmill had expenses of £495,433 ($640,961). From June to December last year, that figure grew – by 271 percent – to £1.84 million ($2.38 million).
More spending led to more profit for Tickmill. From June to December last year, the firm made £1.65 million ($2.13 million) in post-tax profit. That was an increase of close to £1 million on the prior year-long period in which the firm reported a post tax profit of £652,675 ($843,309).
Tickmill explained its success in simple terms. Alongside its results, the firm noted that the “primary drivers” of revenue growth were the “increased acquisition of clients and the continued strong trading volumes from existing and new clients.”
That “acquisition” may be a reference to the firm’s takeover of Vipro Markets in September of last year. Over the past 12 months the firm has also enabled clients to trade in cryptocurrency and launched Japanese, Thai and Vietnamese websites.