Fri, January 27, 2023

Tavira Securities Closes FY22 with 48% Jump in Revenue

Broker News

Tavira Securities Limited had a fantastic financial year end in 2022, raking in a whopping £24 million – 48% higher than the previous fiscal’s revenue.

The traditional brokerage business may have declined by 7% but Tavira made up for it with 231% more earnings from its CFDs. Tavira also made a 145% increase in custody & clearing services since starting those businesses in 2019!

Tavira Securities hired Andrew Gibson, who joined as Head of Product Development for its FX and CFD business.

Founded by Eliot Goodfellow – a Wall Street veteran & previous head of Equity Derivatives at Refco – Tavira was established back in 2005 and held two impressive licenses from both Financial Conduct Authority U.K. and Dubai’s own Financial Services Authority (DFSA).

Another Profitable Year

The annual turnover spiked significantly, driving up the cost of sales. However, it resulted in a 46% increase in gross profit – an impressive £9.67 million! Unfortunately, despite this success, operating profits still registered lower than last year’s figures.

Tavira had substantial administrative expense of £9.4 million and income from other sources at £301,722, leading to the remarkable operating profit of £535,478 pre-tax.

Unfortunately, this figure was almost half that in 2021 – showing just how much impact COVID restrictions have taken their toll! Despite it all Tavira still managed to see net profits reach the impressive amount of £435k for the year-end – no mean feat given what 2020 has handed us all so far!

2021/2022 was a major success for Tavira Group, according to their Companies House filing. They managed to generate profit and reported an impressive rise in revenue, returning them to pre-pandemic heights! Their wise decision to diversify has paid off big time.

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