AxiCorp Limited has released its financial results for the fiscal year 2021, ending on June 30. According to the report, the London-based subsidiary of Aussie FX bran Axi saw a 46% increase in its client revenue FY21.
The turnover realized £10.8 million from clients in the UK, which is almost a 130% increase from the revenue generated last year.
After considering administrative expenses and sales costs, the broker realized an operating profit of £1.5 million, which is 347% higher than the figure the previous year.
The increase in the revenue for the year is a result of an increase in client demand, as it rose from £11.8 million in the previous year to £17.8 million, according to the broker. However, all the revenue figures are from the UK branch of the company and don’t represent the overall performance of the retail broker in other regions.
Axi Adds CFDs Of Popular Companies
Axi was launched in the United Kingdom in 2014, providing “support services to the parent company
The main activity for the company during the year has been to offer services for direct market access trading of contracts for differences and other financial instruments.
At the same time, the broker has put plans in place to expand its operations and product line to meet the increasing needs of clients. Axi has already launched copy trading services and added several share CFDs on its platform, giving its customers more trading choices.
In the report, the company noted that it will be adding CFDs of the top 50 companies listed in the United States. These include stocks of some of the most popular companies such as Netflix, Amazon, and Apple.
Axi Faces Regulatory Challenges In Australia
During fiscal 2021, the group rebranded its main operating brand from AxiTrader to Axi. However, the broker’s main subsidiary has been facing some regulatory issues in its home, Australia.
The country’s regulator, ASIC imposed license conditions on Axi, which include the appointment of an independent expert to review and assess the procedures of internal control deployed by the firm. The regulator stipulated that the broker should not appoint any Corporate Authorized Representative until the end of 2022.