Acetop Financial Limited, a London-based CFDs and spread betting broker, saw a sharp decline in its revenue in 2021, according to its latest annual financial filing.
The company’s revenue came in at £170,169, compared to £710,701 generated in 2020 – a yearly decline of around 76%.
Acetop attributed the decline in revenue to the ongoing Covid-19 pandemic, which has affected businesses worldwide. However, the broker saw periods of high market volatility, with a notional trading volume of $3.5 billion recorded in 2021.
Despite cutting its administrative expenses by almost 30%, Acetop nevertheless turned in net losses much higher than the figure reported a year earlier.
The total comprehensive losses for the year came in at £687,536, compared to £510,381 in 2020.
The broker highlighted no changes at the executive level after ownership of the company changed hands in 2020.
“Other Acetop firms are looking to branch out into additional regions, and the UK office is expected to grow its outsourced services and be a part of the worldwide infrastructure.,” the filing added.
With a limited number of new customers in 2021, the UK broker continues to service clients from both the United Kingdom and the rest of the world.