4T Markets Limited, which rebranded from Formax Prime Capital (UK) Limited, closed the fiscal year 2023 that ended on 31 March with revenue of £235,821 and a net loss of £300,157. It was the company’s first full year of financials under the new brand.
The London-based company nearly doubled its revenue from £119,044 in the previous fiscal year. However, the net loss also increased, reaching £271,446.
According to the latest Companies House filing, the sales cost of the company jumped to £132,865 from £62,572. Although it accounted for a gross profit of £102,956, an administrative expense of £403,000 deepened the operating loss.
“During the period of 1st of April 2022 to the 31st of March 2023, 4T Markets Limited has continued the implementation of its business plan and completed the first full financial year of operation following the rebranding that the Firm underwent in Q4 of 2021,” the filing stated.
“Senior Management oversaw a complete website overhaul that was completed in Q2 2022… Delays in the implementation of the business plan have been, and still are, being experienced due to many different factors.”
Restructuring of Business
After a downturn in business in 2018, the company had to re-evaluate its operating model and management structure. It initiated restructuring in 2019 that continued through the financial year 2022. As a part of the restructuring, the entire ownership of the broker was transferred to Regalis Trading Solutions, which was completed in May 2021. Regalis is owned by British businessman Waqas Mahmod, who also sits on the board of 4T Markets.
4T Global Ltd also acquired a minority stake of 9.95 percent in the broker, closed on the last day of fiscal 2023.
“Following the relaunch of its business, the Firm is targeting a range of clients, from high net worth individuals to professional and institutional investors, with extensive knowledge in the trading industry,” the filing added.
4T Markets Limited, which rebranded from Formax Prime Capital (UK) Limited, closed the fiscal year 2023 that ended on 31 March with revenue of £235,821 and a net loss of £300,157. It was the company’s first full year of financials under the new brand.
The London-based company nearly doubled its revenue from £119,044 in the previous fiscal year. However, the net loss also increased, reaching £271,446.
According to the latest Companies House filing, the sales cost of the company jumped to £132,865 from £62,572. Although it accounted for a gross profit of £102,956, an administrative expense of £403,000 deepened the operating loss.
“During the period of 1st of April 2022 to the 31st of March 2023, 4T Markets Limited has continued the implementation of its business plan and completed the first full financial year of operation following the rebranding that the Firm underwent in Q4 of 2021,” the filing stated.
“Senior Management oversaw a complete website overhaul that was completed in Q2 2022… Delays in the implementation of the business plan have been, and still are, being experienced due to many different factors.”
Restructuring of Business
After a downturn in business in 2018, the company had to re-evaluate its operating model and management structure. It initiated restructuring in 2019 that continued through the financial year 2022. As a part of the restructuring, the entire ownership of the broker was transferred to Regalis Trading Solutions, which was completed in May 2021. Regalis is owned by British businessman Waqas Mahmod, who also sits on the board of 4T Markets.
4T Global Ltd also acquired a minority stake of 9.95 percent in the broker, closed on the last day of fiscal 2023.
“Following the relaunch of its business, the Firm is targeting a range of clients, from high net worth individuals to professional and institutional investors, with extensive knowledge in the trading industry,” the filing added.
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- Source: https://www.financemagnates.com//forex/brokers/4t-markets-first-full-year-financials-fy23-revenue-crosses-235k/
