UK Arm of ADSS Posts 362% Jump in 2021 Profit

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UK Arm of ADSS Posts 362% Jump in 2021 Profit

<p>ADS Securities London Limited, the UK arm subsidiary of the Abu Dhabi-based brokerage group <a href="https://www.financemagnates.com/tag/adss/" target="_blank">ADSS</a>, published its financials for fiscal 2021, which ended on December 31. The overall revenue in the period jumped by 50 percent to more than £4.5 million.</p><p>However, the revenue of the UK entity <a href="https://www.financemagnates.com/forex/brokers/adss-uk-posts-revenue-decline-for-fy2020/" target="_blank">dropped</a> by 34 percent year-over-year when income from transfer pricing activities was excluded. "[It] was a result of a continued pivot from an institutional-led offering to that of one centered around professional clients," the Companies House filing stated.</p><p>The broker will continue to implement strategies focused on "retail and professional client sectors within the UK in the short to medium term" as it withdrew services for institutions. It offers trading services with <a href="https://www.financemagnates.com/terms/f/forex/" target="_blank" id="6faa6714-7f7b-4d23-b1c5-c0d40807d613_1" class="terms__secondary-term">forex</a> and contracts for differences (CFDs) instruments of several other asset classes.</p><p>The company stressed that there was no 'material impact' on its business from <a href="https://www.financemagnates.com/terms/b/brexit/" target="_blank" id="0d53a9a8-2500-4d0e-a2bd-41c7ceaf31d1_1" class="terms__main-term">Brexit</a> and Covid-19.</p><p>The numbers were only for the FCA-regulated UK operations of the ADSS brand and did not include any other global entities. The UK entity is fully owned by ADS Holding LLC with the Mahmood Al Mahmood being the ultimate owner.</p><p>A Profitable Year</p><p>Though the direct costs to the UK company increased significantly by 362 percent, the gross profit came in at £4.14 million, compared to £3.01 million in the previous year.</p><p>On top of that, administrative costs increased from £2.76 million to £3.72 million. Despite that, the operational profits increased to £417,018 from £249,381. It closed the year with a profit of £376,583, both pre-tax and net, which increased by more than 90 percent year-over-year.</p><p>Meanwhile, ADSS onboarded <a href="https://www.financemagnates.com/executives/moves/tareq-haddad-joins-adss-as-compliance-director/" target="_blank">Tareq Haddad</a> as a Compliance Director, while <a href="https://www.financemagnates.com/executives/moves/sophia-salim-joins-adss-as-chief-product-innovation-officer/" target="_blank">Sophia Salim</a> joined the broker as the Chief Product and Innovation Officer. Furthermore, it added <a href="https://www.financemagnates.com/executives/moves/adss-picks-mark-hudson-as-group-chief-human-resources-officer/" target="_blank">Mark Hudson</a> as the Group's Chief Human Resource Officer last month.</p>

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

Source: UK Arm of ADSS Posts 362% Jump in 2021 Profit