AFX Group Reports Strong Financial Results for the FY 2017-18, Revenue up by 127% - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

AFX Group

AFX Group Reports Strong Financial Results for the FY 2017-18, Revenue up by 127%

October 2, 2018

AFXThe UK FCA regulated and the second largest European subsidiary of AFX Markets Ltd, AFX Group has published its annual financial statement for the fiscal ending on April 2018 on the UK Company House. The latest result showcases the healthy uptick in both revenue and profits during the period compared to the previous fiscal year.

For fiscal 2016-2017, AFX Group’s total revenue increased to $4.9 million (£3.75 million) compared to just $2.16 million (£1.65 million) in the year prior, registering a growth of 127 per cent year-over-year. The group also recorded higher profits during the year with total gains coming in at $1.86 million (£1.42 million), an increase of seven times year-over-year from $238,000 (£182,803). This is the largest growth ever recorded by the group.

During the year, the group managed to pull down the administrative expenses which contributed immensely to the higher profitability of the company. In the 2017-18 fiscal, the administrative expenses came down to $1.49 million (£1.14 million) from $1.58 million (£1.21 million), a decrease of 6 per cent year-on-year despite higher turnaround.

The distribution of the revenue segment is also noteworthy as out of the total revenue earned, the UK-based AFX group generated £1.71 million in revenue, which is more than four-fold increase from £410,000 the previous fiscal. The Cypriot brokerage has earned a total revenue of £2.04 million, compared to £1.24 million in the previous fiscal.

The AFX Group primarily offers its trading services through the MetaTrader4 platform for forex, contracts-for-difference (CFDs), and spread betting services.

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