Equiti Capital Reports 17% Increase in Revenue in 2020

Equiti Capital UK Limited(Equiti UK), the UK arm of financial services provider Equiti Group, has posted its financials in 2020, revealing a jump in revenue.

More specifically, the broker registered a revenue of $33.1 million, increased by 17% compared with $28.3 million in 2019. Net profit came in at $1.4 million, compared with a loss of $1.0 million in 2019.

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Gross profit for the year stood at $23.6 million, higher than the prior year's $19.3 million. In addition, profit from operations totaled $420,731, and profit before tax approached $1.4 million.

“The increase in revenues and profitability can be attributed to strong risk management and controls, good governance and systems in place, and a motivated and dedicated workforce and new business, supported by volatility in the markets due to the pandemic and the global economic situation. The continued growth in headcount is in line with the strategic development plans for the company,” commented Nigel Holmes, Acting CEO of Equiti UK and Director of the Equiti UK Board.

According to Equiti UK, it is not reliant on sustained periods of high volatility in markets and it will continue to have a strong balance sheet and liquidity position.

As Fazzaco reported earlier, Equiti UK has received a $10 million capital injection from parent Equiti Group Limited.