It’s been a tough financial year for forex broker ATEOS Capital Group UK Limited. The wholly-owned subsidiary of Australian broker ATEOS Capital Group saw its turnover slump by more than 50%. Results published for the financial year ending March 2021 saw a total turnover of just £863,726 reported. That’s a slump of more than 54% below the levels reported a year earlier.
On the flip side, although turnover more than halved, forex broker AETOS UK managed to narrow its losses to register break-even levels at year-end. However, a look at the previous year’s results shows the severe drop in turnover over the past two FY reports.
In FY2020, the UK forex broker saw a turnover of $1.89 million whilst in FY2019 the figure was £2.08 million. The 2021 figure represents a more than 60% slump from the 2019 figure.
More Challenges Ahead For ATEOS UK
According to a filing at Companies House, ATEOS UK company has continued its principal activity which is the provision of brokerage services to its clients. These come from both the retail and wholesale sectors. The forex broker primarily offers trading services in forex and precious metals.
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Interestingly, ATEOS UK had applied with the FCA to vary its regulatory permission regarding the holding of client funds.
“The company had applied to vary its regulatory permission with the FCA including removal of permission to hold client monies. Some application was subsequently approved by the FCA on 18 June 2020, the ATEOS filing added.
Sales costs for the company were considerably reduced due to this. They were just £29,517 whilst in the previous year these came in at £709,881. Administrative costs were also down to £834,659 by the end of the FY. This resulted in a pre-tax loss of just $63 which is practically break even.
Forex Broker ATEOS Eyes International Expansion
Although the FY2021 results are rather disappointing, ATEOS Capital Group is aggressively expanding internationally. It recently gained a new regulatory business license from the Cayman Islands Monetary Authority.
“Following the granting of CIMA license, AETOS Capital Group will further expand its global presence to execute the best practice and professionalism to the highest extent for more investors,” AETOS Capital Group Chairman added.
With the Coronavirus pandemic still very much around, it remains to be seen how forex brokers such as ATEOS will fare this year and beyond. These remain challenging times with many pitfalls still ahead.
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