OANDA Europe Limited, the UK arm of the global brokerage group, revealed its financial results for the year 2020, which ended on December 31. The FCA-regulated operation saw a huge jump in annual revenue and also ended the year with a profit.
According to the most recent Companies House filings, the brokerage operator’s revenue from UK business was £29.2 million, nearly 148 percent higher than the £11.8 million in the previous year.
Although administrative expenses also rose with the surge in revenue, the British company made £5.6 million in operating profit, compared to a loss of £3.5 million in the previous year. The company’s net profit was £4.56 million in 12 months.
Skyrocket customer activities
The company further highlighted that it has increased the size of its customer base, renewed its product line, and tightened control over its cost base.
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During the first part of 2020, financial markets experienced increased volatility primarily driven by the Covid-19 pandemic. This, along with investing in marketing and improving our product offering, has led to an increase in the number of new customers, higher levels of revitalization of latent customers and increased trading activity from existing customers; Which leads to a significant increase in trading returns.”
The group also formed a new regulated entity in Malta last December in preparation to continue providing services to European clients after Brexit. Earlier this year, OANDA also completed the acquisition of Polish broker Dom Maklerski TMS Brokers SA (TMS) to expand its reach in European markets.
The British company is now focused on continuing to grow its customer base in the country and is also focusing on developing its product offering.
“The main objectives for 2021 are to continue to generate profitable profits while maintaining effective risk and expense management and regulatory compliance,” the statement added.