As the UK subsidiary of AxiCorp embarked on an expansion effort in Europe in the past several months, the company just filed its 2017 annual results with the UK Companies House. The figures published in the document are not including any numbers from the EU just yet and are solely based on turnover realized within the UK.
According to the filing, the turnover of the FCA-regulated brokerage increased to £3 million. The number is up by 41 percent when compared to the previous year. The company’s 2017 fiscal year ended on June the 30th.
Cost of sales was halved to £3,337 when compared to £6,903 in 2016. Operating profits amounted to £262,112, which is higher by 80 percent when compared to fiscal 2016. Net earnings after tax were £168,978, which is higher by 45 percent.
The FCA-regulated subsidiary of the Australian parent AxiCorp is receiving operational and financial support from its parent company. The company has maintained a consistent number of employees on the payroll with 17 persons employed in the London office of the firm.
Wages and salaries compensation increased by 7 percent to a total of £1.25 million, with remuneration for directors doubling to about £250,000.
AxiCorp is already actively working to expand its footprint in continental Europe. Back in August the company on-boarded Ross Donoghue as EU Head of Sales. The hire came at a critical time for brokers operating in the region, as preparations are being made to meet new regulatory obligations which the FCA and the ESMA are jointly preparing for the early part of next year.
AxiCorp has been regulated by the UK Financial Conduct Authority for several years.
Mr. Donoghue used to be the Head of Retail Sales in the UK and Europe at ADS Securities. His rich career in the retail FX trading industry also includes the role of Director of Sales and Education for the EMEA region at City Index.