The broker’s revenue in the UK increased by 11.8 per cent year-over-year.
It ended the year with a net loss of £811,811.
London City view from Millenium bridge
The United Kingdom-registered entity of Capital Markets Elite Group, a broker offering equities and contracts for difference (CFDs), generated £502,699 in the fiscal year that ended 31 May 2024. The figure rose by 11.8 per cent compared with the previous fiscal year.
Out of the total revenue, the broker generated £371,997 from the United Kingdom and £130,702 from the “rest of the world.”
Another Loss-Making Year for the Broker
However, the company's yearly loss slightly narrowed to £811,811 last fiscal year from £892,630.
The company managed to reduce its cost of sales to £264,514 from £311,364, leading to a gross profit of £238,185, up from £138,408. After administrative expenses of about £1.05 million, which remained the same over the past two years, the broker's operating loss came in at £817,201, an improvement from the previous year’s £895,807.
Income statement of Capital Markets Elite Group (UK) Limited
Apart from its operations in the United Kingdom, the broker also operates under another entity licensed in the Cayman Islands, owned by a holding company registered in Saint Lucia. However, the numbers only reflect the performance of the UK entity.
Operating since 2013, Capital Markets Elite Group offers both unleveraged and margined US equities and CFDs across several major financial instruments.
Significant Addition of New Accounts
In FY23, the broker onboarded about 1,000 new accounts under the UK entity. Although it did not disclose the exact number of new client additions last fiscal year, it highlighted that the figure was significant.
“The client onboarding programme has successfully added a significant number of new accounts during this period, with a substantial portion progressing to funding. The client demographic is primarily classified as ‘retail’ by the FCA and is based in the UK and Europe,” the broker noted in its Companies House filings.
“The firm’s focus to date has been the US equity markets, targeting mainly retail clients based in the UK and Europe,” the filing explained.
The United Kingdom-registered entity of Capital Markets Elite Group, a broker offering equities and contracts for difference (CFDs), generated £502,699 in the fiscal year that ended 31 May 2024. The figure rose by 11.8 per cent compared with the previous fiscal year.
Out of the total revenue, the broker generated £371,997 from the United Kingdom and £130,702 from the “rest of the world.”
Another Loss-Making Year for the Broker
However, the company's yearly loss slightly narrowed to £811,811 last fiscal year from £892,630.
The company managed to reduce its cost of sales to £264,514 from £311,364, leading to a gross profit of £238,185, up from £138,408. After administrative expenses of about £1.05 million, which remained the same over the past two years, the broker's operating loss came in at £817,201, an improvement from the previous year’s £895,807.
Income statement of Capital Markets Elite Group (UK) Limited
Apart from its operations in the United Kingdom, the broker also operates under another entity licensed in the Cayman Islands, owned by a holding company registered in Saint Lucia. However, the numbers only reflect the performance of the UK entity.
Operating since 2013, Capital Markets Elite Group offers both unleveraged and margined US equities and CFDs across several major financial instruments.
Significant Addition of New Accounts
In FY23, the broker onboarded about 1,000 new accounts under the UK entity. Although it did not disclose the exact number of new client additions last fiscal year, it highlighted that the figure was significant.
“The client onboarding programme has successfully added a significant number of new accounts during this period, with a substantial portion progressing to funding. The client demographic is primarily classified as ‘retail’ by the FCA and is based in the UK and Europe,” the broker noted in its Companies House filings.
“The firm’s focus to date has been the US equity markets, targeting mainly retail clients based in the UK and Europe,” the filing explained.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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