BUX UK's Turnover Slipped 49% to £9.2 Million in 2021

BUX Financial Services Limited, the British entity of Europe's fastest-growing neobroker BUX, has  released its annual financials for the 2021 fiscal year ending 31 December, showing a significant decline in its turnover.

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The company reported a turnover of £9.2 million, which is 49 percent down from previous year's £18 million. The cost of sales of BUX UK have decreased significantly. The company spent £10.6 million in the year, which is down from the previous year's £15 million.

The administrative expense of BUX UK increased from the previous year's £3.1 million to £3.5 million. Considering other interest incomes and expenses, BUX UK made £4.3 million in pre-tax loss, compared to the previous year's £55,527. The company posted a net loss of £4.2 million for 2021, versus £55,527 loss in the previous year.

BUX UK ended the year with £5.8 million client funds, which is 84% lower than £37.1 million in 2020.

Earlier this year, BUX has announced the rebranding of its derivatives trading app from BUX X to Stryk​. The rebrand comes as the company tries to differentiate Stryk and BUX Zero, an investing app available in 8 countries, with most recent market entries being Ireland, Spain and Italy. 

Upon speaking to the global MD for Stryk and CEO of the UK entity Salim Sebbata, we learned that the the CFD business of BUX (now called Stryk) is distributed across 3 entities: Amsterdam where the app is maintained and developed, London as the trading hub and Cyprus, where the EU clients that constitute the large majority of the client base are now contracted to. Overall the business is profitable.