The London subsidiary of Abu Dhabi headquartered forex brokerage firm, ADS Securities has published its annual results for 2017. During the year, the company has turned its operations profitable and has registered a net profit of £461,000 against an operating loss of £3.1 million in 2016.
During the year, the company posted 38 percent jump in revenues to £5.4 million ($7.5 million) compared to the previous year at £3.9 million. The subsidiary managed to bring down its administrative expenses by a huge 31 percent which contributed to the profitability.
Total asset during the period increased by about £2.7 million with cash and cash equivalents growing £2.9 million and share capital rose £3.5 million in the full one year period. During the period, the company was more focused on building the retail portion of the business in London and has also restructured its team and committing resources.
This resulted in doubling of revenue from retail businesses to £2.1 million (from £1.1 million in 2016). The institutional business suffered slightly in the process, and revenues declined to around £2.1 million in 2017 from £2.4 million in 2016. The restructuring resulted in reducing the overall operation cost of the subsidiary. Its parent, ADS Securities has invested £14 million of capital into its London subsidiary since its opening in 2015.
Commenting to Leaprate, ADS UK CEO, Paul Webb said: “We are pleased that we are starting to see the return on the investment we have made into people, technology and products. Our focus in the London office has been on working with the ongoing changes in regulation so that we continue to build a strong and sustainable business.”
