Wed, April 17, 2024

ThinkMarkets UK Records Profit Jump Despite 38% Revenue Dip

Broker News

Turnover for ThinkMarkets, decreased 38% to £2.73 million this year from last year’s £4.38 million. Think Markets is a UK business of Melbourne-based broker.

Although its executive expenses decreased, the company’s operating profit for 2021 was still higher than last year’s £206,556 at £250,112. With other interests and income amounting to £68,000 (unchanged from the past two years), pre-tax profits reached a total of 16% more than last year – coming in at an impressive £318 112.

For the ‘FY 2021, ThinkMarkets reports a net profit of £304,988. It is an increase of 9.3% from last year’s reported numbers of £278,925 that only came from UK operations–not its international businesses.

The company’s operations aligned with the board’s expectations and reported satisfactory financial results at year-end, given industry conditions and general economic uncertainties. The firm is looking for possibilities to expand its business in the UK and abroad.

A Growing Broker

The company plans to expand the business to old and new markets, leading to greater financial success, such as increasing client numbers, deposits, and trade volumes.

ThinkMarkets launched its forex trading services in Japan this year after acquiring a local forex broker and obtaining a JFSA license. The company even received $30 million in funding to expand its business across multiple verticals globally.

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