ATFX UK Reports 273.3% Growth in Profit for FY22

AT Global Markets UK Limited, known as ATFX UK, the subsidiary of retail forex broker ATFX, has released its financial results for the fiscal year ended October 31, 2022 (FY22), seeing a strong growth in profit during the period.

Overview of FY22 Results:

• Turnover for the fiscal year totaled £3,158,205, 7.6% higher than £2,936,482 in last fiscal year.

• Operating profit during the period came in at £815,189, soaring 274.7% compared to £217,563 in FY21.

• Profit for the fiscal year reached £838,189, jumping 273.3% compared to £224,558 in last fiscal year.

• Administrative expenses decreased sharply to £1,474,019, compared to £2,231,214 in the prior year.

• Cost of sales rose to £868,997, up 78.2% compared to £487,705 in FY21.

• Net asset increased by 12.8% from £6,560,784 to £7,398,953 on a yearly basis.

ATFX UK has been continued to grow the brand with a number of key hires this year, including former Swissquote executive Gonzalo Canete​ who joined as Chief Market Strategist, and Chris James​ who joined ATFX UK from State Street as Head of Liquidity Management.

The subsidiary stated that it will continue to market itself directly to EEA and other international territories, where permitted. The key targets will be the existing high net worth clients, fund managers, brokers and banks who are looking to diversify their portfolio and are comfortable with the risk profile and volatility that investing and trading in derivatives can offer.