The UK business of Melbourne-based broker, ThinkMarkets, today reported its financial results for the fiscal year ending December 31, 2019. The multi-asset platform, trading in the UK as TF Global Markets UK, made gains in a couple of key areas over a yearly basis.
ThinkMarkets’ 2019 revenues rose 20 percent year-over-year, to £3.9 million compared to £3.2 million for the fiscal year 2018. Further, income before tax totaled £422,508, which is up 265 percent year-over-year from £115,724 in the prior quarter.
Other business highlights show that net income also increased more than four times from a year earlier, coming in at £429,672 relative to £79,989 in 2018.
However, the bulk of ThinkMarkets’ revenues came from clearing its trades with the parent company in Australia. FCA regulated holding company, TF Global Markets (UK) Limited provided a geographical breakdown that shows £3.8 million of the total proceeds was reported on a cost-plus basis, based on its agreement with the parent company.
The UK firm further explains that the amount of £2.6 million (2018: £1.6 million) was owed by the parent company, TF Global Markets (Aust) Pty Ltd. This amount includes £1.7 million collateral deposit (against clients open positions), held with the parent company. The deposit earns 4% interest per annum and is repayable on demand, it said.
The latest figures come after the company’s third year of operation in the UK which came amidst a major rebranding project in which the firm changed its name from ThinkForex to ThinkMarkets.
Back in 2017, the firm acquired mobile app provider, Trade Interceptor. Since then, the company has been refocusing its objective with a mobile-centric approach, with ThinkMarkets seeing a solid uptick in the number of transactions placed on mobile.
ThinkMarkets is a multi-licensed online forex brokerage firm, authorized and regulated by the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Furthermore, the firm has expanded its global footprint through its licensed South African firm. Specifically, the broker now offers both South African and international products, such as single-stock CFDs, stock indices, currencies, and commodities via its trading platform.