- Forex Broker ATC UK registers a profit of £114,000 for FY2021 that ended in April
- Turnover for UK entity remains stable at £2.4 million but still significantly down from the £8.9million registered in 2019.
- Cost of sales up whilst administrative expenses down which helped to shore up profits.
The forex broker ATC UK Limited which is the British arm of the much larger international group reported a profit of £114,000 for FY2021 ending in April. This was however slightly marred by a relatively stagnant annual revenue figure of £2.4 million. This remained broadly the same with results reported for FY2020.
The Companies House reported the £2.4 million figure which was important due to the fact that a decline in revenue had been expected. The UK unit of the forex broker reported an impressive £8.89 million in revenue in 2019. Pre-tax profit for ATC UK came in at £77K with this increasing to £114,900 after tax credits.
This profit figure was impressive as in 2020 the forex broker registered a pre-tax loss of £216,000. And although cost of sales was up when compared to previous year, the forex broker managed to reign in administrative expenses by a significant margin. In fact, these expenses were down to £1.83 million from 2020’s £2.2 million. This was the main reason behind the forex broker turning a profit this year.
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Forex Broker ATC Group Continues International Business
ATC Brokers is actually one of very few forex brokers that offers regulated trading in the US. Apart from its UK and US services, the forex broker also has a variety of operational licenses for several global operations. The group is chiefly known for its ECN services.
“The principal activity of the [UK] Company is to provide online trading solutions within the foreign exchange industry to clients ranging from retail to institutional traders,” according to the Companies House filing.
“The directors are of the opinion that the Company is in a good position to progress into the next financial year and believe that their expertise should help ensure that the company is successful”, the filing concluded.
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Gerald Fenech
