4T Markets Nearly Doubles Its Turnover in FY2023

4T Markets Limited, a London-based market-leading provider in CFD trading, has nearly doubled its revenues for fiscal year 2023 (year ended March 31), the first full year of operation under its new brand.

The brokerage firm has generated £236K turnover for FY23, surging from FY22​'s £119K, according to the latest Companies House filing. However, the company incurred £300K loss for the financial year, compared to £271K in the prior year. This was due to increased administrative expenses to £403K from £327K.

Gross profit for the financial year came in at £103K, increasing significantly of 84 percent from £56K in FY22. Net assets held by the company stood at £218K, down from £274K in the previous year.

The broker, formally known as Formax Prime was acquired in 2021 by UK based businessman Waqas Mahmood, via his holding company Regalis Trading Solutions Limited. In early 2022, Formax Prime relaunched as 4T Markets.

"Following the relaunch of its business, the firm is targeting a range of clients, from high net worth individuals to professional and institutional investors, with extensive knowledge in the trading industry," the filing stated.