EC Markets UK closed 2024 with stronger earnings as revenue nearly doubled year-on-year. The forex and CFD brokerage reported higher profits and an improved balance sheet, underlining a year of growth despite rising costs.
Revenue Jumps Close to 90%
According to Companies House, the company posted a turnover of $3.24 million for 2024, compared with $1.71 million the previous year. Cost of sales rose to $979,251 from $358,100, but gross profit still increased to $2.26 million from $1.35 million.
Operating profit was $614,622, almost double the $315,933 recorded in 2023. Net profit for the year reached $513,869, up from $448,157. EC Markets UK’s net profit increased 14% despite an increase in the firm’s administrative expenses, which climbed 58% to $1,641,747.
Meanwhile, shareholder funds rose to $1.59 million by year-end, compared with $1.08 million a year earlier. The company reported that its number of employees increased from 8 in 2023 to 11.
Additional Income Stream
Alongside its core execution-only brokerage business, EC Markets UK generated income from risk management services provided to an affiliated regulated broker. The services, offered for a fixed monthly fee, created an unregulated revenue stream in addition to its regulated activities.
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EC Markets UK has also expanded its balance sheet during the period. The company’s net assets increase 48% to $1,593,255. Cash at bank and cash at hand increased from $682,196 to $1,665,768.
Generally, EC Markets Group's global expansion seems to be paying off. Last month, the broker opened a new office in Mexico City, marking its first physical presence in Latin America.
Global Expansion Paying Off
The move into Mexico comes shortly after the firm launched an office in Mauritius, underscoring a broader strategy to expand its international footprint. Previously, the firm opened a new office in Ebene, Mauritius, a central financial hub known for its regulated trading environment.
Additionally, EC Markets secured a license from the Securities and Commodities Authority of the United Arab Emirates this year. The license permits full operation within the country’s regulated financial sector, including client introductions, service marketing, and financial consultations.
The firm also holds licenses from major jurisdictions such as the UK’s Financial Conduct Authority, Australia’s ASIC, and South Africa’s FSCA, strengthening its global regulatory position.
