LandFX UK Registers Profit in 2021 despite Revenue Dip

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LandFX UK Registers Profit in 2021 despite Revenue Dip

<p>LandFX UK Ltd, the FCA-regulated subsidiary of the <a href="https://www.financemagnates.com/tag/landfx/" target="_blank">LandFX</a> group, published its financials for fiscal 2021, which ended on December 31, reporting a profit of £13,546 and recovering from a loss of £8,720 in the prior year.</p><p>It was the first year in the operations history of the broker when its UK operations turned a profit, though the <a href="https://www.financemagnates.com/forex/brokers/landfx-uk-almost-broke-even-in-2020-with-63-revenue-jump/" target="_blank">losses were narrowed significantly </a>last year. It posted a pre-tax loss of £221,167 in <a href="https://www.financemagnates.com/forex/brokers/landfx-uk-sees-sharp-uptick-in-2019-revenue-ends-up-in-losses/" target="_blank">FY19</a> and £591,485 in FY18.</p><p>However, the broker took a hit on its trading turnover last year. According to the Companies House filing, it generated a total turnover of £711,544 in fiscal 2021, compared to  £766,199 in the previous year. That was a year-over-year decline of more than 7 percent.</p><p>Moreover, the broker managed to cut its sales costs and administrative expenses. The reported numbers showed that the sales cost went down to £13,943 from £23,029. Also, the administrative costs dropped by more than 9.1 percent to £683,224.</p><p>The decreased expenses resulted in an operating profit of £14,377, compared to a loss of £8,720 in the previous financial year.</p><p>Expansion Continues</p><p>LandFX UK operates with a license obtained from the <a href="https://www.financemagnates.com/terms/f/financial-conduct-authority-fca/" target="_blank" id="4c85a54d-15e0-4e44-a214-8c55f71cb286_1" class="terms__main-term">Financial Conduct Authority (FCA</a>) in 2016. It launched an institutional offering under the brand Land-Liquidity and provides institutional Liquidity for FX, CFDs, metals and commodities. It focuses on filling the gap between clients and prime brokers that require a substantial amount of capital to provide an institutional level of <a href="https://www.financemagnates.com/terms/l/liquidity/" target="_blank" id="47c3bef3-27ee-4953-8504-159e1b829b33_2" class="terms__secondary-term">liquidity</a>.</p><p>Furthermore, the broker revealed that it continued to expand its client base in the European and non-European markets last year with online and offline marketing channels, a strategy that has remained the same for the broker over the past few years.</p>

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

Source: LandFX UK Registers Profit in 2021 despite Revenue Dip