UK-based FX and CFD broker, Equiti Capital UK Ltd., previously known as Divisa UK has ended fiscal 2018 with a bullish note, as it managed to quadruple its turnover compared to 2017. The group disclosed its fiscal 2018 annual report and financial statement on Tuesday.
The group maintains a financial year of April-March, and in the 12 months period ended March 31, 2018, the brokerage has reported a turnover of £17.95 million. It is an increase of 285 per cent compared to the company’s 2017 fiscal year, in which it achieved a turnover of £4.67 million.
With the increased turnover, the company’s cost of sales climbed more than fivefold from £1.17 million in 2017 to £7.37 million in 2018, an increase of 529 per cent. The gross profit during the year came in at £10.58 million, an increase of 203 per cent year-on-year from £3.5 million in 2017.
Despite achieving strong revenue growth, total comprehensive income after deducting the tax component came in at negative £607,858, compared to the profit of £60,613 in 2017.
Commenting on the financial results, Brian Myers, the CEO of Equiti Capital said:
“2018 was a hugely positive period of growth and investment for Equiti Capital UK. The circa 400% increase in turnover from 2017 was the start of the return from significant investments made in key areas throughout last year.
“The talent we were able to acquire in 2018, plus the foundations that were laid in operations and product, has put us in a fantastic position to continue our strong trajectory in our group Brokerage and Retail business lines.”
During the year, the firm has secured 100 per cent regulatory approvals for its acquisition. The company in its statement has also shown the confidence of successfully navigating through the new regulatory regime with EU and UK and will able to achieve distinct competitive advantage in the next few years.
Gain Capital’s FOREX.com Posts December 2018 Trading Volume Figures
Gain Capital’s retail forex trading arm, FOREX.com has reported its December 2018 operational metrics on Tuesday. In the last month, the firm reported a 17.7 per cent increase in trading volumes compared to December 2017.
But, on a monthly basis, the figure is 7 per cent lower to $192.6 billion, when compared to the November figure. The average daily volume during the month increased by 2.1 per cent compared to the previous month.
Despite, upbeat trading volume figures, the number of active clients declined during the month by almost 7 per cent on a yearly basis to 123,171 active traders. The Futures trading were sharply higher during the month, an increase of 24 per cent when compared to December 2017 figures. The clients of GAIN Capital traded 641,094 futures contracts in full December month, a decrease of 2 per cent on a month-on-month basis.
