The 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.