BUX Financial Services Limited, the UK arm of Netherlands-based neobroker BUX, has released its financial results for 2021.
The company reported that its UK operations registered £9.1 million in annual turnover. The number dropped 49% compared to 2020, when it was £18 million.
Additionally, the broker saw a net loss of more than £4.2 million for 2021. Compared to the previous year, the number is has significantly climbed from £55,527.
According to its Companies House filing, BUX UK attributes the decline in revenue to the markets returning to normal levels from 2019 and becoming more stable.
Furthermore, Brexit has also impacted the operations of the company since it stopped onboarding new clients in the EU in the first quarter of 2021. In addition, the company transferred a ‘a high portion of its clients’ to its EU arm.
Looking back at 2021, the company the significant change of placing Yorick Naeff as CEO of BUX UK with Salim Sebbata who took over in July.
BUX recently announced rebranding its derivatives trading platform to BUX X to Stryk.
