FXTM’s UK Arm Sees over 7% FY2021 Revenue Drop

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FXTM's UK Arm Sees over 7% FY2021 Revenue Drop

<p>Exinity UK Limited, which operates the British arm of Andrey Dashin's FX and CFDs broker brand, <a href="https://www.financemagnates.com/tag/fxtm/" target="_blank">FXTM</a>, has published its financials for the 2021 fiscal year ending 31 December. The company's total revenue for the period came in at £1.79 million, a yearly decline of more than 7.2 percent.</p><p>The figure remained higher than the <a href="https://www.financemagnates.com/forex/brokers/fxtms-uk-subsidiary-quadruples-revenue-in-2019/" target="_blank">pre-pandemic levels</a>. In 2019, its revenue was £1.6 million, increasing the latest figure by almost 12 percent.</p><p>"The revenue of the company derives from commission receivable from a related group entity, Forextime Limited, through acting as a matched principal broker in the retail CFDs market," the Companies House filing stated. These revenues are determined from the total trading volume and service fees charged to Forextime Limited.</p><p>For the year, the standalone profit of Exinity UK came in at £16,778, compared to £6,233 a year before. That was a year-over-year increase of 169 percent. </p><p>While the consolidated revenue and the group's revenue remained the same, it showed a loss of £976,540 for the period. In the previous year, it generated a profit of £6,233. The latest loss came with a significant jump in administrative expenses.</p><p>These figures only project the performance of the UK arm of the Exinity Group and do not show how the group's global business is going. Additionally, the FXTM brand operates with multiple other licenses, including ones in Cyprus, South Africa and Mauritius.</p><p>Finance Magnates reached out to FXTM for their official take on the yearly revenue dip in UK business but has not received anything as of press time.</p><p>A Growing Company</p><p>Exinity UK was established in February 2017, and it received a license from the Financial Conduct Authority (FCA) after a year. It has been operating its client trading platform since April 2018. </p><p>The platform's performance and other vital metrics have improved significantly over the years. In the last fiscal, Exinity UK <a href="https://www.financemagnates.com/forex/brokers/forextime-to-close-fx-retail-business-in-europe-next-month/" target="_blank">opened 710 new accounts</a>. Out of the total, 370 accounts received funds deposited by the year-end.</p><p>The company ended the fiscal with a total standalone asset of £2.42 million, while the net figure stood at £2.2 million. These figures improved by 14 percent and 22 percent, respectively. The consolidated total asset stood at more than £1.5 million with a net of £1.24 million.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: FXTM's UK Arm Sees over 7% FY2021 Revenue Drop