Forex and CFDs broker ICM Capital Limited has released its financial reports for the year ending December 31, 2020. According to the FCA-regulated broker, it recorded a net profit of £177,015 after a poor performance in profit the previous financial year.
ICM Capital had a yearly turnover of £2.62 million, which is slightly higher than the £2.56 million recorded a year before. But the broker had a lower operating income of £1.97 million compared to the £3.02 million it recorded the previous year.
ICM highlighted that it performed well in both the yearly pre-tax profits and turnover, even as the market retraces after the volatility due to the COVID-19 pandemic.
High Performance Attributed To Lowering The Cost Of Sales
According to the financial report, the broker had a pre-tax profit of £226,585, which is far better than the previous year’s loss of £472,123. The high-profit performance, according to the firm, is a result of different factors such as a sharp cut in administrative expenses as well as lowering the cost of sales.
ICM Capital provides contracts for differences (CFDs) and spot forex trading services. While its main operational center is in the UK, the broker has established in other jurisdictions as well.ICM is also regulated in the Middle East, Mauritius, St Vincent and the Grenadines, Malaysia, and Cyprus.
A Focus On Product Expansion
ICM Capital has been busy in the market recently, as it plans to expand its product line. The broker recently included 700 share CFDs of top US-listed firms like PayPal, Alphabet, CME Group, Amazon, Facebook, and Apple Inc. Earlier this year, it partnered with Mastercard to roll out pre-paid cards for its users.
The broker is also making a move on institutional offering after the introduction of ESMA rules on retail trading markets. Also, the broker revealed that it will be rolling out a new product that will provide share dealing services.