Axis UK Subsidiary Sees 46% Jump in FY21 Client Revenue

Axis UK Subsidiary Sees 46% Jump in FY21 Client Revenue

It ended the fiscal with a net profit of £1.9 million.

AxiCorp Limited, the London-based subsidiary of Aussie FX brand Axi, has published its financials for the fiscal year 2021, ending on June 30, reporting a solid jump in key metrics for business generated in the United Kingdom.

The turnover generated from UK clients jumped by almost 130 percent in a year: it came in at £10.8 million in the last fiscal year compared to £4.78 million in the previous year. After considering sales costs and administrative expenses, the broker turned an operating profit of £1.5 million, which is 347 percent higher than the fiscal year 2020.

Finally, the total comprehensive income of the broker for the year came in at nearly £1.9 million, increasing from £259,174 generated in the previous fiscal year.

The sharp increase in the yearly number primarily resulted from a rise in client revenue that jumped to £17.2 million in the last fiscal year from the previous years £11.8 million, according to the Companies House filing of the broker.

UK Operations Boomed

Axi started its UK operations in 2014 as the subsidiary is providing ‘support services to the ultimate parent company’. It is to be noted that all these figures are only from Axis UK operations and do not show the performance of the retail broker brand in other jurisdictions.

“The principal activity of the company during the financial year was the provision of services for direct market access trading of contracts for difference and other financial instruments,” the UK filing added.