The UK subsidiary of Equity Group, Equiti Capital UK, published its 2020 annual financials, and the numbers are promising.
The company reported a profit of $1.8 million compared to last year’s only $569k, which is an incredible 209% increase in income this year!
The jump in revenue is due to multiple factors, including an increase in sales or higher revenues from other group sources.
The UK company reported that revenue for the year was $31 million. This is 25% higher than 2019’s figure of $24.6 million. The group also strengthened its balance sheet. They ended with net assets totaling 22.4 million dollars in cash reserves at the end of 2020. Company Revenue increased by 17% from last year’s number.
A Great Year for the Brokers
The FCA-regulated broker mainly provides execution-only brokerage services for professional and institutional clients. They trade CFDs in spot forex, metals, indices, and commodities.
During market volatility last year, because of the pandemic impact on world markets, it was among brokers that witnessed growth due to its business rising exponentially compared to other firms.
“The increase in revenues and profitability can be attributed to strong risk management, good governance, systems in place,” said the acting CEO of Equiti UK, Nigel Holmes.
“Good governance” is mainly due to the support of volatility from the pandemic and economic instability worldwide.
In the past months, Equiti Capital UK has been very active in terms of operational activities. The company made a few key changes to its management and received $10 million from its parent for strategic expansion.