FCA regulated retail forex broker IKON Capital Limited had some success during 2015 building up its brand after a name change from Hub Capital in August 2015, but it has come at a cost.
IKON Capital’s revenues rose to £353,316 from just £96,000 in 2014, but the company still lost £342,641.
Richard Whelan, CEO IKON Capital
IKON Capital management explained the loss due to the largely neutral revenue model employed in order to capture market share. Management stated that their main priority during 2016 is to increase margins, and that it is satisfied it can do so given its existing resources. However as at year end the company’s capital base sat at £365,000, about the size of IKON’s annual loss.
The company ceased to provide regulatory coverage to Investment Managers during the year, focusing solely on its executing broker service, providing agency service to both retail and institutional traders.
IKON Capital is owned by Marcus Cumberland.
IKON’s 2015 income statement:
