FIXI Plc Publishes FY 2018 Financial Result, Reports Drop in both Turnover and Profitability - 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.

FIXI Markets

FIXI Plc Publishes FY 2018 Financial Result, Reports Drop in both Turnover and Profitability

December 2, 2018

FIXIThe FCA regulated online forex and CFDs brokerage company has reported its financial statement and annual report for the FY ending on March 31st 2018. The broker reported a year-on-year drop in turnover and profit. 

During the fiscal year, total revenue came in at £1.1 million comprising £911,301 from net gains/losses on trading foreign currency and £178,335 from rebates receivable. During the fiscal year 2017, the firm reported a turnover of £1.4 million which is 21.8 per cent more than its latest figure.

According to the published report, turnover for FIXI is the combination of the net of realised gains and losses arising from the forex forward contracts, commissions from trading activities, rebates which are the result of the introduction of trades to counterparties. The net gain/losses made on trading foreign currency during 2017 fiscal was £1.37 million, which is 33 per cent more than of 2018 figures.

Gross profit during the period came in at £195,047 which is 61.8 per cent lower than 2017 figures at £511,428. The administrative expenses during the period totaled £3.1 million, which resulted in an operating loss of £2.95 million. During the previous fiscal, the operational loss was at £1.97 million, which is 33 per cent lower than the current fiscal. In 2018, the company reported a 12.9 per cent increase in staff cost, totaling more than£1.5 million

During the period, FIXI went through multiple changes including changes in senior leadership and suite of regulatory changes in the retail trading space affected due to MiFID II and GDPR, which had a negative impact on the company’s financial. The company also increased its team in the UK region, from 13 employees in 2017 to 32 employees in 2018.

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