Axi Financial Services (UK) reported a 42% increase in revenue for the fiscal year ended 30 June 2024, with turnover reaching $38.96 million, up from $27.5 million the previous year.
Axi UK Revenue Jumps to $39 Million in 2024
The UK subsidiary of Australian retail CFD broker Axi revealed in its recently published annual financial statements that it also saw net profit rise 89.5% to $3.92 million, despite a decline in client money balances to $19.3 million from $21.3 million.
Operating profit grew to $3.45 million, while the cost of sales nearly doubled to $19.47 million, reflecting higher market activity.
Axi UK’s investment in technology was a driver of growth, with intangible assets nearly doubling to $4.94 million. The company emphasised its ongoing research and development efforts.
Interest income provided an additional boost, surging 725% to $2.45 million, up from just $297,089 in FY2023. Meanwhile, administrative expenses increased 9% to $16.05 million, reflecting continued expansion.
Despite a decline in client money balances, the firm maintained strong liquidity, with management stating: “The company continues to operate profitably and has significant liquid assets.”
