LeapRate Exclusive… LeapRate has learned that Sydney, Australia based Retail FX broker AxiTrader has grown its FCA regulated UK operation, AxiCorp Limited, by more than 40% in Fiscal 2017. AxiCorp has a June 30 fiscal year end.
Revenues at AxiTrader UK were £3.0 million (USD $4.0 million) in fiscal 2017, up 41% from £2.1 million last year. Net income was £169,000, versus £117,000 in 2016.
Revenue figures at AxiTrader UK represented mainly ‘service’ payments from its Australian parent company, based on the level of trading activity passing through the FCA operation. AxiTrader UK began operating in late 2014, and the company hedges all trades with its parent company. The UK entity employs 17 people.
Indicative of the growth of the company, client assets held at June 30, 2017 totaled more than $25 million, up 79% from $14 million a year prior. Client assets at 2017 year end broke down as follows: £2.3 million, $10.9 million, and €10.1 million.
AxiTrader has made a number of management changes in the UK over the past few months. In November we exclusively reported that Axi added James Hughes as London-based senior analyst. In August the company hired ex ADS, City Index and CMC Markets exec Ross Donoghue as Head of EU Sales. And in June AxiTrader added London-based Paul Kiff from GKFX as the company’s new Global Head of Trading.