ICM Capital Turns Net Profit Of £177K For FY20
- Forex Broker ICM Capital Ltd pulls itself out of losses and registers a net profit of £177K for FY2020
- Impressive turnaround from loss to profit comes on the back of reduced sales costs and a sharp decline in administrative expenses
- Turnover for the period increases marginally to £2.62 million
The FCA regulated forex broker ICM Capital Ltd recently published its annual financials for 2020 which ended on December 31. The company managed to pull itself out of losses and managed to close the year with a net profit of £177,015.
The forex and CFD broker’s pre tax profits came in at £226,585 which is an impressive turnaround from the previous year’s loss of £472,123. This huge jump in profits was the result of various factors including a tight rein over administrative expenses and lowering of cost of sales.
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Turnover increases marginally for forex broker but operating income declines
According to ICM Capital’s filing with Companies House, turnover for the period came in at £2.62 million. This was marginally higher than the previous year’s figure of almost £2.56 million.
On a negative note, the operating income of the forex broker declined considerably from £3.02 million in 2019 to £1.97 million in 2020. There were no notes in the filing on how this 35% drop came about.
However, both yearly turnover and pre-tax profits were excellent for the forex broker on the whole.
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ICM Capital Continues With Its Products and services Expansion Drive in Multiple Sectors That Are Fully Regulated
Forex broker ICM Capital is regulated by the UK’s Financial Conduct Authority. The company offers spot forex and contract for differences (CFDs) trading services. Apart from the UK entity, there are other units of ICM which operate in fully regulated jurisdictions. These are Cyprus, Malaysia, St Vincent and the Grenadines, Mauritius and the Middle East.
The Companies House filing also pointed out that after the introduction of ESMA rules on retail trading markets, the forex broker has continued to shift its focus on its institutional offering. ICM Capital is also in the process of launching a new product that offers share dealing services.
The broker is also expanding its product line in a big way. It recently added no less than 700 share CFD’s of popular and in-demand US listed companies. These include companies such as Apple, Microsoft, Amazon, Facebook, Alphabet, PayPal, Slack, and CME Group.
Apart from its regular brokerage service, ICM also launched pre-paid cards earlier this year in a partnership with Mastercard.
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