OvalX Posts 24% Decline in 2021 Total Revenue
Fazzaco learned that OvalX (previously ETX Capital), a leading spread-betting and CFD provider based in London, has posted its financial results for 2021, showing a decline in revenue and profit.
The total revenue of OvalX came in at £24.2 million in 2021, which was down 24 percent when compared with the previous year of £31.8 million. The company achieved a net operating revenue of £17.4 million during this year, compared to £21.3 million in the previous year.
In 2021, the company's number of registered clients increased by 16 percent from 14,354 to 16,582. Its spread revenues were down 45 percent year on year but only down 10% compared to pre-pandemic levels.
On the contrary, the company's funding revenues were up 39 percent year on year, partly driven by a strong performance from the company's professional client base. The corporate broking revenues continued to grow in strength, demonstrating commission revenue growth of 37 percent from £1.1 million to £1.5 million.
Its administrative cost increased by 29 percent to £26.6 million from £20.7 million. As a result, the group's EBITDA was a £6.4 million loss compared to a £2.8 million EBITDA profit in 2020.
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