TIOMarkets UK Limited has published its annual financial report for the year ended on December 31, 2019. The UK-based operations of the brokerage showed profits from its business.
It reported a pre-tax profit of $4,367 for 2019, compared to $407,362 in losses for the previous year. This data was seen on the Companies House filing.
Authorized by the FCA, TIO Markets UK is a provider of online forex trading to both retail and institutional clients. It previously went by the name of Primus Capital Markets UK Limited.
In 2019, the broker generated a turnover of $7,812. That was an increase of over 83% from the previous year’s $4,264. As highlighted by the firm, its main revenue depends on the trading volume of its clients and trade markups.
The company’s income statement detailed that the cost of sales for the year was at $84,942. But it gained $454,503 from other operating income sources.
In 2018, the cost of sales was higher, however, less income was generated from other sources. The profits of the broker in 2019 stood at $45,642 after an income tax gain.
Brokerages Gain from COVID-19 Volatility
A spokesperson from TIOMarkets said their business intelligence suggests that performance in the first two quarters of this year accelerated. It was at a faster rate than performance over the third quarter, which incorporates the traditionally slow summer months. Month on month, rates of acquisition & conversions accelerated along with trading volumes.
For the company to turn a healthy profit within 1 year of launch is testament to the executive board’s effective guidance. That is combined with on-point strategic management decisions.
Similar to other brokers, TIOMarkets also benefited from the COVID-19 volatility. New clients were onboarded as well as new payment processors. An internal restructure made room for additional skilled staff.
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