Almost double the revenue and reduced direct costs led to a net profit of £4.13 million in 2022 for the UK branch of Capital.com, which is regulated by the Financial Conduct Authority (FCA). This marks an increase of 123% compared to the £1.85 million reported the previous year.
Capital.com UK Reports Strong Financials for 2022
Revenue for Capital.com UK Limited, a subsidiary of the Capital.com Group responsible for its UK operations, stood at £29.11 million, almost doubling from the £15.45 million reported a year earlier, according to a report released this week. The company's operating profit was £5.42 million, which is up more than £3 million from the £2.38 million reported for 2021. Therefore, the final net profit after taxes was £4.13 million.
However, the report shows that the value of client funds held by Capital.com in the UK slightly declined year-over-year. In 2021, it stood at £20.1 million. By the end of 2022, it had shrunk nearly £2 million to £18.4 million.
Overall, 2022 proved to be a very good year for Capital.com and its new CEO, Peter Hetherington. He took on the role in May of last year, replacing Jon Squires. Previously, Hetherington worked for more than three years as the CEO of the publicly traded London broker IG Group.
“It was always going to take something special to persuade me back into the industry, and I am thrilled to join a company that is so uniquely positioned,” Hetherington said in May.
Capital.com Expands through Hiring and Acquisitions
The hiring of Hetherington was not the only personnel change that Capital.com has made in recent months. As reported by Finance Magnates, the broker recently hired Sheena Kanabar as its Group Chief Compliance Officer (CCO). Based in London, Kanabar oversees global compliance teams and ensures the company adheres to all regulatory standards.
“We are delighted to welcome Sheena to our leadership team. In addition to working closely with regulators worldwide and fostering a strong culture of compliance throughout the organisation, Sheena’s expertise will be instrumental in helping us drive growth in-step with the highest regulatory standards,” said Hetherington.
Earlier this year, the company appointed Niamh Byrne, the former Head of UK and Ireland at IG Group. Byrne came to Capital.com after a 14-year tenure at IG Group, where she last served as its Head of UK B2B2C Sales.
In other developments, Capital.com, headquartered in London, has begun the process of acquiring client assets from the forex and CFDs broker, OvalX. According to a joint statement shared with Finance Magnates, the terms of the deal will allow some existing OvalX retail and professional clients to transfer their accounts to Capital.com, ensuring an uninterrupted service.
