The United Kingdom-registered entity of Exinity, which onboards only professional CFDs traders under the FXTM brand, witnessed a decline in 2024 revenue, which fell to £1.78 million from the previous year’s £2.07 million.
Profits Improve as Costs Go Down
However, the company improved its pre-tax profitability to £457,360 from £213,462 in 2023. After taxes, it netted £342,872 in profits. Profitability improved despite the revenue decline, as Exinity UK managed to reduce its administrative and other expenses to £1.3 million from £1.8 million.
The numbers in 2024 behaves opposite in comparison to the previous year, when the profits of the entity went down despite a revenue rise.
The FXTM brand operates under a Financial Conduct Authority (FCA) licence in the UK. The brand stopped onboarding retail clients in 2021 across Europe due to the changed regulatory environment on the continent. Although the broker gave up its Cyprus licence entirely last year, it still onboards only professional clients in the UK.
More Accounts, but Fewer Are Getting Funded
According to the latest Companies House filings, Exinity UK opened 476 new accounts in 2024, compared to 347 in the previous year. Out of the total, only 79 accounts received client deposits before the end of the year, whereas 190 new accounts were funded in 2023.
The Exinity Group controls the retail trading brands FXTM and Alpari, which are part of Andrey Dashin’s larger empire. The group also includes two other brands, Nemo and Pulse, marking its expansion beyond retail trading.
Earlier this year, FinanceMagnates.com reported that at least three senior executives—Matthew Wright, Behram Nasir, and Heiko Mueller—were set to leave the brokerage group. Wright served as Exinity’s Group COO, Nasir as the Group General Counsel, and Mueller as the Business and Market Development Director. Exinity also confirmed it would not appoint direct replacements for these roles. Instead, their responsibilities will be reassigned among other members of the senior management team
This article was written by Arnab Shome at www.financemagnates.com.
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