The UK-based online forex and CFD brokerage firm, Activtrades on Monday reported its full-year financial results for 2017, showing an impressive growth in the financial performance although the profit dropped on the back of rising expenses, according to the filing with UK Companies House.
During the year, the company witnessed 16 percent growth in revenues to £40.4 million (USD $55 million) up from £34.9 million in 2016. The uptick in revenue is contributed by overall higher volumes during the period helped by higher market volatility in the Fx market. On the Net Profits front, the company witnessed a decline year-over-year to £11.6 million ($15.7 million) from £12.8 million ($17.3 million) in 2016 due to the additional rise of expenses.
The administrative expenses at the broker climbed 47 percent in 2017 to £22.7 million ($30.8 million) compared to £15.4 million ($20.9 million) in 2016 on the back of rising workforce, marketing costs, IT and investments.
In fiscal 2017, Activtrades witnessed overall 20 percent jump in trading volumes averaging $90 billion monthly with August 2017 being the peak month with trading volumes of $100 billion. The company was able to convert 7,330 customers with funded accounts out of 70,450 potential new clients in 2017. At end of the year, the company reported having more than 15,000 active clients who placed their order in the last 90 days. Deposits from clients witnessed slight increase to £45.7 million ($62 million ) in 2017, compared to £45 million ($58 million) in 2016.
The company’s international push has led to 25 percent increase in active clients from outside EU that generated almost 28 percent of the total revenue, up from 24 percent in 2016. Most of the business for ActivTrades come from the UK and Western Europe. The company has also made its presence in Italy, Bulgaria and Dubai through its offices.
The firm controlled by Swiss entrepreneur, Alex Pusco who is also the CEO has made its presence felt in the crypto space with the launch of crypto contracts including Bitcoin, Litecoin, and Ethereum back in December. It is also offering the new crypto CFDs via its proprietary trading platform ActivTrader, MT4 and MT5 on desktop, tablet, and mobile.