Advanced Markets (UK) Limited, the British subsidiary of the wider Advanced Markets Group, published its financials for 2020, ending on December 31, reporting a significant jump in its yearly revenue and narrowing down of its losses.
The revenue for the period came in at almost $1.15 million, compared to $637,070 generated in the previous year. That was a year-over-year gain of more than 82 percent.
Despite the heavy surge in turnover, the administrative expense of the UK company only shot up by nearly 22 percent to $1.28 million. With this, it turned in a yearly operating loss of $136,487, which is much lower than the previous year’s loss of $415,490.
Considering other expenses and income, the net loss of the UK subsidiary came for the 12 months came in at $111,367.
“The results for the period were in line with the expectations of the directors,” the Companies House filing stated. “The combination of changes in regulations and historical lows in the volatility of the markets slowed the initial growth pattern that they were expecting.”
“However, their long-term commitment remains. [The] fiscal year 2021 started well, and the directors continued to expect positive returns moving forward.”
A Global Company
Advanced Markets provides institutional foreign exchange liquidity and prime-of-prime services to the forex and CFDs trading industry. The Group is headquartered in the United States and operates globally with a presence in several jurisdictions. The published numbers only show the performance of the UK unit, and not of the group or any other subsidiaries.
Meanwhile, Advanced Markets is also strengthening its industry partnerships and secured an investment from Forexify and Corbel Capital Partners earlier this year, which will be utilized in its global expansion.
Source: Read Full Article