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The 2023 financial year ended unfavorably for FX/CFD broker INFINOX, which posted a net loss for the 12 months ending March 30. According to the report published today (Wednesday), the loss was almost £5.4 million, compared to a profit of £1.35 million the previous year. However, the company has increased its assets under management (AUM).
The company’s turnover decreased by £1.3 million, from £17.1 million to £15.8 million in the financial year 2023 (FY23). Due to significantly higher costs, the company failed to maintain its net profit and lost more than £5 million.
The company says current market conditions in the UK remain challenging, but it has managed to generate healthy revenues despite ongoing challenges. According to Jay Mawji, Managing Director of INFINOX Capital, the company achieved all of its key KPIs, “including record trading volume, deposits, funds under management and a record revenue year.”
The report highlights a substantial increase in costs, with cost of sales increasing from £8.5 million to £12.2 million and operational expenses increasing by almost £2 million. Despite this, the FY23 report shows an 8.5% increase in assets under management, from £14.3m to £15.5m.
“The company continues to re-evaluate its product offering and has made the decision to focus on its core offering – MT4 and MT5 under the IXO Prime brand,” the company commented.
INFINOX also mentioned the sale of part of its activities in South Africa. “The Group is in the process of selling its subsidiary Infinox Capital Limited SA (Pty) Ltd.”
In September, Finance Magnates reported that FX veteran Chris Hossain-Nelson had left INFINOX to join Alchemy Prime as head of institutional sales.
INFINOX adds EMI
Last week, the company announced that it was adding Electronic Money Institutions (EMI) as a payment option for customers. EMIs are regulated financial service providers specializing in electronic payments. According to INFINOX, the addition of EMIs aims to provide secure and convenient payment alternatives to traditional bank transfers. EMIs are currently available in over 200 countries, which would enable INFINOX customers located in different geographies to make seamless deposit and withdrawal transactions.
The company claims that EMIs can help reduce unnecessary fees associated with bank transfers, allowing traders to retain more capital.
“EMI provides a secure and globally accessible solution that perfectly aligns with our commitment to providing our clients with the best possible trading experience,” commented Mawji.
EMI integration is part of INFINOX’s focus on innovation and improving the customer experience. Founded in 2009, INFINOX offers trading in various asset classes, including forex, stocks, commodities and crypto CFDs.
The 2023 financial year ended unfavorably for FX/CFD broker INFINOX, which posted a net loss for the 12 months ending March 30. According to the report published today (Wednesday), the loss was almost £5.4 million, compared to a profit of £1.35 million the previous year. However, the company has increased its assets under management (AUM).
The company’s turnover decreased by £1.3 million, from £17.1 million to £15.8 million in the financial year 2023 (FY23). Due to significantly higher costs, the company failed to maintain its net profit and lost more than £5 million.
The company says current market conditions in the UK remain challenging, but it has managed to generate healthy revenues despite ongoing challenges. According to Jay Mawji, Managing Director of INFINOX Capital, the company achieved all of its key KPIs, “including record trading volume, deposits, funds under management and a record revenue year.”
The report highlights a substantial increase in costs, with cost of sales increasing from £8.5 million to £12.2 million and operational expenses increasing by almost £2 million. Despite this, the FY23 report shows an 8.5% increase in assets under management, from £14.3m to £15.5m.
“The company continues to re-evaluate its product offering and has made the decision to focus on its core offering – MT4 and MT5 under the IXO Prime brand,” the company commented.
INFINOX also mentioned the sale of part of its activities in South Africa. “The Group is in the process of selling its subsidiary Infinox Capital Limited SA (Pty) Ltd.”
In September, Finance Magnates reported that FX veteran Chris Hossain-Nelson had left INFINOX to join Alchemy Prime as head of institutional sales.
INFINOX adds EMI
Last week, the company announced that it was adding Electronic Money Institutions (EMI) as a payment option for customers. EMIs are regulated financial service providers specializing in electronic payments. According to INFINOX, the addition of EMIs aims to provide secure and convenient payment alternatives to traditional bank transfers. EMIs are currently available in over 200 countries, which would enable INFINOX customers located in different geographies to make seamless deposit and withdrawal transactions.
The company claims that EMIs can help reduce unnecessary fees associated with bank transfers, allowing traders to retain more capital.
“EMI provides a secure and globally accessible solution that perfectly aligns with our commitment to providing our clients with the best possible trading experience,” commented Mawji.
EMI integration is part of INFINOX’s focus on innovation and improving the customer experience. Founded in 2009, INFINOX offers trading in various asset classes, including forex, stocks, commodities and crypto CFDs.
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