Tickmill UK Limited, a subsidiary of the wider Tickmill Group, reported an 86% boost in pre-tax profits for the year 2021, which ended on December 31. The absolute amount was £1.48 million as opposed to £796,121 in the prior year.
The net income at the end of the year was £1.26 million, up from £677,290 after tax.
The revenue of the broker from its operations in the United Kingdom, on the other hand, decreased. It recorded £7.68 million in sales, which was down 8.3% year-over-year. Surprisingly, the firm cut operating expenses over the year, resulting in an annual profit of £1.5 million, which was an 85.5% increase.
Tickmill provides currency pairs and CFDs on indices, commodities, and bonds. It also established exchange-traded derivatives (ETDs) for its retail and professional clients and invested significantly in the new business sector. It also continues to expand its product range.
The Companies House filing showed almost unchanged UK platform trading activities. The volume last year was $195 billion, while the prior year was only $196 billion. A significant decrease in trading activities is also discernible from the reduction of trades, amounting to 8.6 million from 9.8 million.
Furthermore, the UK platform of Tickmill has seen a 40% decrease in new client onboarding. Last year, it onboarded 3,947 clients, down from 6,618 in the previous year.
The last twelve months have been full of market instability due to the outbreak and spread of COVID-19. In addition, significant geopolitical events caused the trading volumes and number of trades to decrease.