The London-based subsidiary of an Australian Retail FX and CFDs broker has reported steady financial performance for the fiscal year 2024, following a period of significant growth over the previous two years. This period of growth saw revenue increases of 36% in 2022 and 30% in 2023, but the latest figures indicate that revenues have plateaued.
For the fiscal year ending June 30, 2024, the company’s revenues were recorded at £13.0 million, a slight decrease from £13.9 million in 2023. The rise in revenue over the preceding years had raised expectations, and the current results mark a stabilization in performance.
On the profit side, net earnings for the year were reported at £9.9 million, nearly identical to the net profit of £10.0 million achieved in the prior year. This consistency suggests a resilient financial position amid fluctuating market conditions.
In terms of client funds, the total amount held in segregated accounts increased to £27.0 million during the year, up from £25.2 million the previous year. This growth in client funds indicates a stable client base and an increase in trust among investors.
Throughout the year, the trading platform expanded its offerings significantly by introducing 212 new trading symbols across various asset classes, which increased the total number of available products to over 1,400. This move is likely aimed at attracting a broader audience and enhancing trading opportunities for clients.
Additionally, the company declared dividends totaling £6,300,059 during this fiscal year, marking a notable return to shareholders, especially considering no dividends were paid in 2023. This decision signals a positive outlook on cash flow and profitability.
Overall, the management expressed satisfaction with the annual results, highlighting that despite a flattening of revenues, the organization is continuing on a solid financial footing and making strategic moves to strengthen its market position and expand its product offerings. The consistent profit levels, increased client funds, and introduction of new trading options exemplify the company’s commitment to adaptation and growth in the competitive retail forex landscape.