The fiscal
year 2023 ended unfavorably for FX/CFD broker INFINOX, which reported a net loss for the 12-month period ending 30 March. According to the
report published today (Wednesday), the loss amounted to nearly £5.4 million,
compared to a profit of £1.35 million the previous year. However, the company increased its Assets Under Management (AUM).
The
company’s revenue decreased by £1.3 million, falling from £17.1 million to
£15.8 million in the fiscal year 2023 (FY23). Due to significantly higher
costs, the company failed to maintain net profit and lost over £5 million.
The company claims that current market conditions in the UK remain hard, yet it has managed to achieve healthy revenues despite the ongoing challenges. According to Jay Mawji, the Managing Director of INFINOX Capital, the firm accomplished all of its main KPIs, “including record volume traded, deposits, funds under management, and a record revenue year.”
The report
highlights a substantial rise in costs, with the cost of sales increasing from
£8.5 million to £12.2 million and operational expenses rising by nearly £2
million. Despite this, FY23’s report shows an 8.5% increase in AUM, from £14.3
million to £15.5 million.
“The
business continues to revaluate its product offering and has made the decision
to concentrate on its core offering – MT4 and MT5 as part of the IXO Prime
brand,” the company commented.
Source: FCA
INFINOX also mentioned the sale of part of its business in South Africa. “The
Group is in the process of selling its subsidiary, Infinox Capital Limited SA
(Pty) Ltd.”
In September, Finance Magnates reported that FX veteran Chris Hossain-Nelson left INFINOX to join Alchemy Prime as Head of Institutional Sales.
INFINOX Adds EMIs
Last week, the company announced it is adding Electronic Money Institutions (EMIs) as a payment option for clients. EMIs are regulated financial services providers specialized in electronic payments. According to INFINOX, the addition of EMIs aims to provide secure and convenient payment alternatives compared to traditional bank transfers. EMIs are currently available in over 200 countries, which would allow INFINOX clients in different geographical locations seamless deposit and withdrawal transactions.
The company states that EMIs can help reduce unnecessary fees associated with bank transfers, allowing traders to retain more capital.
“EMIs provide a secure and globally accessible solution that aligns perfectly with our commitment to providing our clients with the best possible trading experience,” commented Mawji.
The integration of EMIs is part of INFINOX’s focus on innovation and improving client experience. Founded in 2009, INFINOX offers trading across various asset classes including forex, equities, commodities and crypto CFDs.
The fiscal
year 2023 ended unfavorably for FX/CFD broker INFINOX, which reported a net loss for the 12-month period ending 30 March. According to the
report published today (Wednesday), the loss amounted to nearly £5.4 million,
compared to a profit of £1.35 million the previous year. However, the company increased its Assets Under Management (AUM).
The
company’s revenue decreased by £1.3 million, falling from £17.1 million to
£15.8 million in the fiscal year 2023 (FY23). Due to significantly higher
costs, the company failed to maintain net profit and lost over £5 million.
The company claims that current market conditions in the UK remain hard, yet it has managed to achieve healthy revenues despite the ongoing challenges. According to Jay Mawji, the Managing Director of INFINOX Capital, the firm accomplished all of its main KPIs, “including record volume traded, deposits, funds under management, and a record revenue year.”
The report
highlights a substantial rise in costs, with the cost of sales increasing from
£8.5 million to £12.2 million and operational expenses rising by nearly £2
million. Despite this, FY23’s report shows an 8.5% increase in AUM, from £14.3
million to £15.5 million.
“The
business continues to revaluate its product offering and has made the decision
to concentrate on its core offering – MT4 and MT5 as part of the IXO Prime
brand,” the company commented.
Source: FCA
INFINOX also mentioned the sale of part of its business in South Africa. “The
Group is in the process of selling its subsidiary, Infinox Capital Limited SA
(Pty) Ltd.”
In September, Finance Magnates reported that FX veteran Chris Hossain-Nelson left INFINOX to join Alchemy Prime as Head of Institutional Sales.
INFINOX Adds EMIs
Last week, the company announced it is adding Electronic Money Institutions (EMIs) as a payment option for clients. EMIs are regulated financial services providers specialized in electronic payments. According to INFINOX, the addition of EMIs aims to provide secure and convenient payment alternatives compared to traditional bank transfers. EMIs are currently available in over 200 countries, which would allow INFINOX clients in different geographical locations seamless deposit and withdrawal transactions.
The company states that EMIs can help reduce unnecessary fees associated with bank transfers, allowing traders to retain more capital.
“EMIs provide a secure and globally accessible solution that aligns perfectly with our commitment to providing our clients with the best possible trading experience,” commented Mawji.
The integration of EMIs is part of INFINOX’s focus on innovation and improving client experience. Founded in 2009, INFINOX offers trading across various asset classes including forex, equities, commodities and crypto CFDs.
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- Source: https://www.financemagnates.com//forex/infinox-cites-challenging-market-conditions-amid-fy23-net-loss/
