ThinkMarkets UK Finds More Revenue but Less Profit

ThinkMarkets UK Finds More Revenue but Less Profit

Time Stamp: September 23, 2023 4:44 AM
ThinkMarkets UK Finds More Revenue but Less Profit PlatoBlockchain Data Intelligence. Vertical Search. Ai.

The British
branch of ThinkMarkets has published a report summarizing the financial results
for 2022, which shows that it managed to slightly improve its revenue, which
stood at £2.8 million. However, the final net profit turned out to be worse than
reported in 2021, reaching £287,584.

The
company’s net revenue increased by 3.14% from £2.74 million. However, due to
higher administrative costs, which stood at £2.59 million compared to £2.49
million the previous year, the operating profit shrank by 7% to £232,025.

Ultimately,
this led to a nearly 6% drop in net profit from £304,988 reported in 2021 to
£287,584 in the current year. However, the value of the net assets owned by the
broker increased: in 2021 it was £3.17 million, while in 2022 it rose to £3.46
million.

TF Global
Markets (UK) Limited, which is authorized by the British Financial Conduct
Authority (FCA) under license number 629628, is responsible for ThinkMarkets’
operations in the United Kingdom.

Source: ThinkMarkets

“The
Company’s business developed in line with the board’s expectations and the
results for the year and the financial position at the end were considered
satisfactory given industry conditions and general economic uncertainties,”
commented Amin Adat, the Director of Finance at ThinkMarkets UK.

Copy Trading App and
Acuity Trading Partnership

Several
months back, ThinkMarkets expanded its offerings through a strategic
collaboration with Acuity Trading, a firm specializing in AI-driven market
analytics

. As part of the agreement, ThinkMarkets seamlessly incorporated
Acuity Trading’s Signal Centre functionalities into its own trading platform.
Acuity Trading had previously acquired Signal Center in 2021 to diversify its
product suite.

In related
news, the provider of retail foreign exchange

and CFD trading services with
headquarters in London and Melbourne, recently unveiled a new copy trading
platform that users can access via a mobile application.

Additionally,
the brokerage firm has rolled out its ThinkPortal app this month, a versatile
mobile application designed to offer traders the flexibility to manage their
accounts on the go.

The British
branch of ThinkMarkets has published a report summarizing the financial results
for 2022, which shows that it managed to slightly improve its revenue, which
stood at £2.8 million. However, the final net profit turned out to be worse than
reported in 2021, reaching £287,584.

The
company’s net revenue increased by 3.14% from £2.74 million. However, due to
higher administrative costs, which stood at £2.59 million compared to £2.49
million the previous year, the operating profit shrank by 7% to £232,025.

Ultimately,
this led to a nearly 6% drop in net profit from £304,988 reported in 2021 to
£287,584 in the current year. However, the value of the net assets owned by the
broker increased: in 2021 it was £3.17 million, while in 2022 it rose to £3.46
million.

TF Global
Markets (UK) Limited, which is authorized by the British Financial Conduct
Authority (FCA) under license number 629628, is responsible for ThinkMarkets’
operations in the United Kingdom.

Source: ThinkMarkets

“The
Company’s business developed in line with the board’s expectations and the
results for the year and the financial position at the end were considered
satisfactory given industry conditions and general economic uncertainties,”
commented Amin Adat, the Director of Finance at ThinkMarkets UK.

Copy Trading App and
Acuity Trading Partnership

Several
months back, ThinkMarkets expanded its offerings through a strategic
collaboration with Acuity Trading, a firm specializing in AI-driven market
analytics

. As part of the agreement, ThinkMarkets seamlessly incorporated
Acuity Trading’s Signal Centre functionalities into its own trading platform.
Acuity Trading had previously acquired Signal Center in 2021 to diversify its
product suite.

In related
news, the provider of retail foreign exchange

and CFD trading services with
headquarters in London and Melbourne, recently unveiled a new copy trading
platform that users can access via a mobile application.

Additionally,
the brokerage firm has rolled out its ThinkPortal app this month, a versatile
mobile application designed to offer traders the flexibility to manage their
accounts on the go.

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