Notesco UK Limited, which operates the brokerage brand
IronFX in the United Kingdom, has released its financial results for the year
ended 31 December 2024. The company reported a significant increase in revenue
during the period.
Revenue Doubles, Administrative Expenses Surge
Revenue rose to $1.44 million in 2024, more than double the
$702K reported in 2023. Gross profit was equal to revenue, as no cost of sales
was recorded. Administrative expenses increased sharply to $1.28 million,
up from $544K in the previous year. Despite the rise in expenses, operating
profit remained positive at $163K in 2024, slightly higher than the $157K
reported in 2023.
“During the year, the Company experienced a slight increase
in expenses compared to its previously maintained low-cost base strategy.
However, the directors are confident that from next year, the cost base will
return to prior levels, ensuring continued efficiency. With a growing UK client
base and a controlled cost structure, the Company is well-positioned for
continued success,” the Companies House filing stated.
You may find it interesting at FinanceMagnates.com: IronFX
UK Sees 2022 Profit Rise despite Fall in Revenue.
Income Tax Expense Rises, Net Profit Dips
Income tax expense rose to $38K, compared to $31K in the
prior year. As a result, net profit for 2024 was $124K, a marginal decrease
from the $125K reported in 2023.
“The Company’s risk management policy is under continuous
review and the directors have been conscious throughout 2024 of the changing
business and the need to ensure that the controls are robust and appropriate
for the operations in place,” the Companies House filing of the firm added.
IronFX Founder Expands Into Prop Trading
Markos Kashiouris, founder of IronFX, has
expanded his involvement in the retail trading sector with the launch of a
new prop trading platform, Ultimate Traders, as reported by Finance Magnates.
The platform is operated by UK-registered Ultimate Traders Evaluation Ltd,
established in February 2023, with Kashiouris holding a majority stake of over
75%.
IronFX is operated by Cyprus-registered Notesco Financial
Services Ltd, founded by Kashiouris, and has a UK presence regulated by the
FCA, alongside operations in Bermuda. Ultimate Traders’ sole Director is
Andreas Pogiatzis, a Cyprus resident, connecting the platform to the island’s
retail trading industry.
This article was written by Tareq Sikder at www.financemagnates.com.
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