London-based brokerage Infinox Capital has released its financial results for its UK operations for the financial year 2022, ended on 31 March.
According to the broker’s Companies House filing, its revenue for the year surged 104.8% to more than £17 million, compared to the previous year, when it recorded £8.3 million.
The cost of sales also rose to £8.5 million from the previous year’s £1.7 million. The broker reported gross profit of £8.6 million, up from FY21’s £6.6 million.
According to the official filing, the broker’s pre-tax profit skyrocketed 362% to £1.34 million from £290,719 in the previous year. Infinox recorded net profit of £1.06 million for the year.
Тhe client assets under management for the period rose to more than £14.3 million, registering a 65% compared to the previous year’s £8.68 million.
The company said in the Company House filing:
The business had a successful year by significant increases across all Key Performance Indicators. This has mainly been due to the introduction of its IXO Prime brand, where Infinox offers liquidity and institutional services to brokers, money managers, professional clients, prop trading desks, and Fintech companies. The business also rolled out the MT5 platform offering to ensure its clients have access to the latest trading platform.
Infinox added that it plans further expansions to its product offering.
The company stated:
With the recently launched IX Exchange product that offers more than 20,000 instruments, the new platform allows clients to exchange traded products from the world’s largest and most recognised exchanges. This combined with continued expansion of its IXO prime brand puts the business in good stead to continue this growth into 2023.
