LandFX UK Ltd, the UK-based arm of FX and CFDs broker LAND-FX, has published its annual financial results for 2019. It reported a significant increase in its revenue, amounting to £470,000.
The UK subsidiary of the Asian broker reported total revenue of only £65,000 in 2018. Meaning, last year, its revenue leapt up by 623% year-on-year.
Despite the impressive numbers, the brokerage ended up in losses for the year. However, the rise in revenue significantly shrank the losses compared to the previous year’s numbers overall.
LandFX UK reported £542,000 in losses for the financial year of 2018. However, it lost only £165,000 last year by comparison.
This is primarily due to the major operating costs that the company had to take on. These costs increased to £679,401 in 2019 from £631,042 the previous year, an increase of almost £50,000.
European Expansion in Full Swing
LandFX acquired its FCA license back in 2016. This license allowed it to operate a foreign exchange and CFDs brokerage business.
After one year, the company launched an institutional offering under the brand Land-Liquidity. It is focused on providing institutional liquidity for FX, CFDs, metals, and commodities.
The increase in its revenue is the result of the broker’s push to expand in the other European and non-European markets. This is as opposed to confining its operations to the United Kingdom.
The Companies House filing stated that, during the year, the company continued to expand its client base. That was in both the European and non-European markets.
This was achieved through the use of on-line and off-line marketing campaigns.
However, the broker did not mention any of its plans to continue its European operations following the looming Brexit dilemma over the horizon.
The net asset of the brokerage dropped from £551,082 in 2018 to £385,611 in 2019.
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