The broker ended the year with £32.3 million in revenue.
Increased costs to the company pushed its profits down.
The revenue of London-based Fortrade continued to rise as the forex and contracts for differences (CFDs) broker reported the figure to be at £32.3 million, a year-over-year jump of about 14.1 percent, for the fiscal year 2022.
Profits Could Not Follow the Revenue
Despite the revenue jump, the profits of the broker decreased in the fiscal year. According to the latest Companies House filing, Fortrade Limited & Subsidiary ended the year with a pre-tax profit of £857,103, a decline from the previous year's £1.18 million. After taxes, the net profit dropped to £823,782, which is 23.3 percent below the previous year's figures.
"The results for the year and financial position at the year-end were considered satisfactory by the directors given the difficult trading conditions and increasing competition in its core market," the filing stated, adding that the group "continues to look for opportunities overseas although the directors expect that the group's future profitability will be primary from its existing core market."
A Global Broker
Established in 2013, Fortrade offers CFDs trading services with forex, stocks, indices, commodities, and US treasuries. It targets both retail and institutional clients. Although the broker is headquartered in London, it operates globally with licenses from regulators in countries like Canada, Australia, Cyprus, Belarus, and Mauritius.
The cost of sales additionally followed the revenue growth of the group, as it elevated to £27 million from £24 million. The administrative expenses also improved significantly to £4.4 million from £3 million. Although the operating profit of the brokerage group came in at £844,447, it added another £14,579 from interest income. However, before evaluating the pre-tax profits, the group considered £1,923 in "interest payable and similar charges."
Meanwhile, the group company maintained a strong balance sheet with a net asset of £7.55 million, surpassing £6.7 million in 2021, ensuring that it is "well placed to achieve its long-term strategy."
The revenue of London-based Fortrade continued to rise as the forex and contracts for differences (CFDs) broker reported the figure to be at £32.3 million, a year-over-year jump of about 14.1 percent, for the fiscal year 2022.
Profits Could Not Follow the Revenue
Despite the revenue jump, the profits of the broker decreased in the fiscal year. According to the latest Companies House filing, Fortrade Limited & Subsidiary ended the year with a pre-tax profit of £857,103, a decline from the previous year's £1.18 million. After taxes, the net profit dropped to £823,782, which is 23.3 percent below the previous year's figures.
"The results for the year and financial position at the year-end were considered satisfactory by the directors given the difficult trading conditions and increasing competition in its core market," the filing stated, adding that the group "continues to look for opportunities overseas although the directors expect that the group's future profitability will be primary from its existing core market."
A Global Broker
Established in 2013, Fortrade offers CFDs trading services with forex, stocks, indices, commodities, and US treasuries. It targets both retail and institutional clients. Although the broker is headquartered in London, it operates globally with licenses from regulators in countries like Canada, Australia, Cyprus, Belarus, and Mauritius.
The cost of sales additionally followed the revenue growth of the group, as it elevated to £27 million from £24 million. The administrative expenses also improved significantly to £4.4 million from £3 million. Although the operating profit of the brokerage group came in at £844,447, it added another £14,579 from interest income. However, before evaluating the pre-tax profits, the group considered £1,923 in "interest payable and similar charges."
Meanwhile, the group company maintained a strong balance sheet with a net asset of £7.55 million, surpassing £6.7 million in 2021, ensuring that it is "well placed to achieve its long-term strategy."
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FXCubic Integrates Devexperts' DXtrade to Enhance Broker Solutions
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa