Polish FX broker X-Trade Brokers (XTB) has announced its preliminary financial and operating results for the first half of 2018. The firm has witnessed a relatively cooler Q2 compared to Q1, that recorded revenues at PLN 84.2 million (USD $22.8 million), down by 26 per cent from Q1’s record at PLN 113.7 million.
The total revenues for the first half of 2018, came in at $53.6 million (PLN 197.9 million) which is 37 per cent higher compared to the first half of 2017. Looking at the revenues in terms of asset class, CFDs dominated the first half of 2018 that made 51 per cent of the total revenue. Operating income recorded significant advancement with operating profit coming in at $53.7 million (PLN 198 million), an increase of $19.7 million (PLN 72.6 million) or 37 per cent year-on-year.
The retail segment contributed $50.7 million (PLN 186.9 million) to the revenue (up by 44 per cent year-on-year. The institutional segment (X Open Hub) recorded a significant loss which was down by 83 per cent at $3 million (PLN 11 million). The Consolidated Net Profits in the first half of 2018 came in at $27.4 million (PLN 101.1 million), compared to $7.97million (PLN 29.4 million) in the first half of 2017, and impressive growth of 244.5 per cent.
The company said that, in the following quarters of 2018, it will focus on improving stability in addition of new clients and an average number of active clients at the levels observed in the previous quarters, which contributed to the record revenues. The company sees great potential for business growth in German, French and Latin America markets.
The company also said that the revenues in the first half of 2018 are geographically well diversified and growth happened in both Central and Eastern Europe and Western Europe. Poland generated 32.3 per cent and Spain generated 15 per cent of total revenue. Latin America is also gaining significance in the company’s operation which has already replaced Turkey.
The company announced that it plans to publish its final financial and operating results for the first half of 2018 on August 23, 2018.