Notesco UK Limited, which operates the brokerage brand IronFX in the United Kingdom, published its annual financials for 2023, showing a correction in the revenue at $643,795. The figure dropped by more than 25 percent from the previous year’s $863,071 when the firm doubled its revenue.
Profit of IronFX UK Climbs
The company ended the year with a pre-tax profit of $104,262, which is up from $82,683 in 2021. After considering taxes, Notesco netted $83,121 last year, which was higher than the previous year’s $82,683.
Notesco operates in the UK under the Financial Conduct Authority’s (FCA) authorization. Its principal activity in the year was dealing in investments as a principal (matched-principal broker), offering trading services with currency pairs and contracts for differences (CFDs) of other popular asset classes.
Outside the UK, the IronFX brand is operated under other entities. The latest numbers only show the performance of the brokerage brand in the UK and not in any other jurisdiction.
Others Figures
Despite the drop in revenue, Notesco witnessed an uptick in its other operating income to $17,362 from $16,733. Additionally, the company lowered its administrative expense by about 25 percent to $579,341. Its operating profit for 2022 came in at $81,816 compared to $111,079 in the previous year.
However, the UK company did not have any financing cost in 2022 and added $22,446 as ‘other gains’ compared to only $8,303 in the previous year. This has made the company’s profits in 2022 higher.
“The performance for the year, and the position at 31 December 2022, are considered to be satisfactory, and the directors are optimistic about the future as the business seeks to continue to grow its client base in the UK,” the Companies House filing of the firm stated.
“During the year, the Company maintained low-cost base strategy. The directors are confident that with the low cost, together with a growing UK client base, the Company will continue to trade successfully in the future.”
This article was written by Arnab Shome at www.financemagnates.com.
