London-headquartered INFINOX reported weak financial results for the fiscal year ending March 2023. For the twelve months through March, INFINOX reported its revenues at £15.75 million, down -8 percent year-over-year from £17.08 million in the year prior.
Gross profit was also a large mover in 2023, dropping to £3.59 million from £8.55 million, or 60 percent on a year-over-year basis. On the bottom line, the business made a net loss for the year of £5.4 million compared to a profit in the prior year of £1.34 million.
Per its latest report, the total value of its UK business’ client assets under management increased by 8.5 percent compared to the previous year’s £14 million, now at £15.52 million. This growth came in spite of a litany of challenging trading conditions and turmoil in its core markets, the company said.
“Like many firms in our industry, the commercial environment in the UK remains challenging. The company operates on an efficient model with a strong product offering. Our KPIs are in line with a healthy model, and we expect that the business will continue to be profitable, as has always been the case. Across the INFINOX brand, in 2022, we posted record KPIs in all of our metrics, including record volume traded, deposits, funds under management and a record revenue year,” said Jay Mawji, Managing Director of INFINOX Capital.
“The Brand undertook a well-timed restructure in 2023 to drive for further efficiencies across the business, focusing on our core business model. We are well placed with our offering across our IX Partners, IX Social and IXO Prime products. Investments have been made in our vertical and horizontal structures, with a series of new products, partnerships, and acquisitions to be announced and delivered in 2024,” he added.
Compared to its 2023 sluggish metrics, INFINOX saw steady gains in client acquisitions throughout 2022, having increased new accounts by more than 215% year-on-year. At the time, the broker attributed this growth to tailwinds in its business across LATAM, Asia, MENA, Africa and Southeast Asia.
In 2022, the introduction of its IXO Prime brand paid off for the entirety of the fiscal year, pushing revenues to new highs. The multi-asset liquidity solution is backed by a global trading infrastructure and offers over 300 trading instruments. Additionally, clients can access more benefits such as IXO Position Keeper, technology, white label offerings and more.
INFINOX also rolled out the MT5 platform offering to ensure its clients have access to the latest trading platform. Via a White Label solution, the broker has begun offering access to a wide range of exchange traded futures products.
INFINOX noted that the new offering was the result of a pent-up interest in the trading of companies across major world markets, including Europe and the Americas. This includes companies traded on the New York Stock Exchange, the London Stock Exchange, Börse Frankfurt, Bolsa de Madrid, Euronext Paris and Euronext Amsterdam.