FCA-regulated ITI Capital, a provider of trading and brokerage services to both retail and institutional traders, reported a 69 percent increase in revenue for 2020, ending December 31. The company’s absolute revenue figure was £5.83 million, compared to the previous year’s £3.46 million.
The annual increase in revenue has also helped the company narrow its operations and overall losses. He ended the year with a pre-tax loss of £2.4m, down from £2.91m a year earlier.
“2020 has been a challenging year for the company as it managed both acquisition and transacting at the same time while maintaining its existing business operations throughout the onset of the Covid pandemic development,” the broker said in the Companies House filing.
“The Board of Directors remains optimistic that despite the loss incurred during 2020, the investment now made in improving the infrastructure to operate the business along with the appointment of new key figures, these initiatives will lay the foundations for a more profitable and dynamic business in the future. “
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The broker’s UK operations hired a new CEO, COO and CRO last year to improve its governance structure.
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The broker’s annual revenue increase was also driven by its acquisition of now-defunct SVS Securities clients. ITI added about 21,000 clients for the troubled broker, which brought in £250m in assets.
Client funds held by the broker at the end of the year remained £74.8m, 104 per cent higher than the previous year.
“Further additional improvements have been made in our technology that includes order management, trade monitoring, reporting and reconciliation, accounting and customer reporting,” the file added.