Advanced Markets UK Limited has released its financial results for the 2020 financial year ending on December 31. The financial results show a significant increase in revenues and a decrease in losses.
Advanced Markets UK is the British subsidiary of the Advanced Markets Group. The financials show that the revenues came in at around $1.15 million, significantly higher than the $637,070 recorded in the previous financial year. The year-over-year gain in revenues during this period came in at over 82%.
Increase in Expenses
Despite recording a significant increase in revenues, Advanced Markets UK also reported an increase in administrative expenses. These expenses increased by around 22% and reached $1.28 million.
The firm also reported an operating loss of $136,487, lower than the loss of $415,490 reported in the previous financial year. During these 12 months, the company reported a net loss of $111,367 after considering the expenses and the income.
The Companies House filing stated that the financials for that financial year matched the expectations of the firm.
“The combination of changes in regulations and historical laws in the volatility of the markets slowed the initial growth pattern that they were expecting. However, their long-term commitment remains. The fiscal year 2021 started well, and the directors continued to expect positive returns moving forward,” the filing stated.
Advanced Markets Making Strategic Moves
Advanced Markets is a company that works in forex and Contracts for Difference (CFDs), whereby it offers institutional foreign exchange liquidity and other prime services related to the sector.
Advanced Markets Group’s headquarters are in the United States. However, it has a reach around the world, and it has been licensed in several jurisdictions. These financial results are only linked to the performance of the group’s subsidiary in the UK. The results do not depict how the other subsidiaries performed.
Advanced Markets has shown agility in boosting its presence in the market. One of the main ways that the firm has achieved this is through strategic partnerships. Earlier this year, the firm secured funding from Corbel Capital Partners and Forexify. The firm stated that the funds would be used to accelerate its objectives for global expansion.