AxiCorp Limited, the UK subsidiary of AxiCorp, has filed its financial results for its fiscal year ending June 30, 2018, with the UK Companies House on Thursday. The firm, which recorded a turnover of almost £3 million ($3.8 million) in 2017, has managed to build on this and post strong results for 2018.
AxiCorp Limited, a brokerage regulated by the Financial Conduct Authority (FCA), managed to achieve a turnover of £5.2 million in 2018. When compared to last year’s turnover, this is up by 42 percent.
Cost of sales was also up on a year on year basis, coming in at £15,213. In 2017, the cost of sales was notable smaller at £3,337 – 78 percent less year-on-year. As a result, gross profit was £5.1 million in 2018. However, this is still up 41.9 percent when compared with 2017.
According to the filing, the company had an average of 21 persons employed in the London office of the firm during the 2018 fiscal year, including directors. In 2017, the broker had around 17 employees.
What’s Holding Back Blockchain Adoption? The Answer is Simple - ConnectivityGo to article >>
As a result, AxiCorp Limited had to fork out more than £2 million for wages. This is a jump of 37.8 percent or £760,138 more than what the broker paid in 2017, which was approximately £1.2 million in wages.
After deducting administrative expenses (£4.9 million in 2018), operating profit was £270,161. The difference from the figure recorded in 2017 is less pronounced, as last year had an operating profit of £262,112, representing a year-on-year increase of around 3 percent.
The total profit for AxiCorp Limited during its 2018 fiscal year was £214,718. When comparing this to the previous year, which had a profit of £168,978, this is up by approximately 21 percent.
AxiCorp Group Shows Commitment to the UK
The AxiCorp Group, which is headquartered in Australia, has been increasing its presence in the United Kingdom in 2018. As Finance Magnates reported earlier this year, the group announced that it would be acquiring UK-based One Financial Markets, an FX and CFDs broker, subject to regulatory approval.
According to the statement released by the company at the time, the acquisition was partly a result of the recently implemented regulatory changes from the European Securities and Markets Authority.