FCA-regulated broker Finotec Trading UK Limited (FTUK) has just released its annual financial results for the year ending December 31, 2016. The group’s latest financial results disclosed a mixture of statistics, ultimately showing that the company has been restored to profitability, whilst scoring increases in key segments in 2016, according to a regulatory filing.
The latest annual report for 2016 helped allay what had been a weak 2015, which saw FTUK report a loss of $204,958 (-£157,688). Just one year later, FTUK managed to pare this figure, registering a profit of $274,621 (£211,284), a clear signal of strength for the UK group after it had been mired in year-end losses.
FP Markets Expands Its CFD Trading Offering in Commodities, Metals & IndicesGo to article >>
The latest reading in 2016 also represented the fruition of FTUK’s comprehensive efforts to build a full brokerage suite of products and services, such that it could confidently offer a unique one-stop-shop solution to new retail and prime of prime brokers. This corresponded with a leaner 2016 fiscal year, which also featured a decrease in expenses, which helped contribute to its profitability.
In 2016, FTUK saw its expenses shrink to $702,826 (£540,729), relative to $1,091,201,621 (£839,531) in 2015, a decline of 35.6 percent year-over-year. The group’s cost of sales did register an increase however, though this was not enough to deter FTUK from a year-end profit, which grew 48.7 percent on a year-over-year basis to $794,743 (£611,447) in 2016.
Finally, FTUK’s total assets were also pointed higher in 2016, emblematic of a stronger fiscal year. In 2016, the group finished the year with $2,847,172 (£2,190,512), relative to $2,004,892 (£1,542,492) in 2015, or +42.0 percent year-over-year.