LeapRate Exclusive… LeapRate has learned that British spread betting, CFD and FX trading company ETX Capital, the trading name of Monecor (London) Limited, has seen a large increase in Revenues and Profits for the year ended December 31, 2014.
Much of the growth experienced by ETX occurred outside its home UK market. The UK accounted for 55% of ETX revenues in 2014, down from 64% last year. And only 45% of new accounts at ETX came from the UK in 2014.
ETX’s acquisition of Dublin-based Shelbourne Markets (formerly MarketSpreads) in mid-2014 certainly helped in that region, but the company also saw growth in continental Europe (mainly Germany and the Scandinavian region) and in the Far East.
More recently, ETX has opened an office in Shanghai, and has been focusing a lot of its marketing muscle in the Far East.
Not affecting the results was ETX’s acquisition of the Alpari UK client list, as that was done in 2015.
ETX boasted a staff of 142 people at year-end 2014, up from 79 in 2013.
Highlights of 2014 at ETX include:
- Revenues of £34.7 million (USD $54 million), up 38% over 2013
- EBITDA of £5.4 million ($8 million), up 93%
- Net profit £2.5 million ($4 million), up 217%
- Client deposits at year-end £38.1 million ($59 million), up 23%
The following are ETX Capital parent Monecor’s income statement and balance sheet for 2014.
