The 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.