The FCA-regulated subsidiary of the LandFX group, LandFX UK Ltd, recently published its financials for fiscal 2021. Their report shows a profit of £13,546, which is quite the rebound from their loss of £8,720 in the prior year.
The UK operations of the broker turned a profit for the first time in its history last year, though the losses were much narrower than they had been in previous years. In FY19, it posted a pre-tax loss of only £221,167 compared to £591,485 in FY18.
On the other hand, the firm suffered a decline in its trading volume last year. In fiscal 2021, the Companies House filing showed a total turnover of £711,544, compared to £766,199 in the previous year. That dropped more than 7% compared to the previous year.
Furthermore, the broker also managed to reduce its sales and administrative expenses. According to the reported numbers, sales cost decreased from £23,029 to only £13,943. Additionally, administrative costs dropped by 9.1% or more, amounting to £683,224.
The firm’s operating profit was £14,377 in the current year from a loss of £8,720 in the previous year.
Expansion Continues
LandFX UK obtained a license from the Financial Conduct Authority (FCA) in 2016 and launched an institutional offering under the brand Land-Liquidity. It provides institutional Liquidity for CFDs, FX, commodities, and metals. It provides the institutional level of liquidity for prime brokers and clients that require a lot of money.
The broker continues to receive new clients from European and non-European markets, which was accomplished last year using online and offline marketing strategies. It is the same strategy that the broker has used for years.
