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Abstract：Its revenue took a hit because of Brexit. Its expenses also increased significantly due to investments.
Moncor (London) Limited, which is operating as OvalX (previously ETX Capital), ended the financial year 2021, ending on December 31, with a pre-tax loss of £9.2 million due to staggering investments and macroeconomic events.
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After a tax credit, the net loss for the year came in at £6.8 million. In the previous year, the retail forex and CFDs broker brought in £428,000 in net profits.
The broker already revealed that its trading revenue dropped to £24.1 million from £31.7 million in the previous year. Its spread revenues were down 45 percent year-over-year but only declined 10 percent from the pre-pandemic levels. Its funding revenues, on the other hand, increased 39 percent boosted by its professional client base. In addition, its corporate broking revenue increased by 37 percent, from £1.1 million to £1.5 million.
The trading revenue of the broker took a hit mostly from the impact of Brexit. The London-based broker migrated its European operations and clients to a sister entity in the EU last year.
Increased Expenses
According to the latest Companies House filing, it ended the year with a net operating income of £17.3 million, which is down from last years £21.2 million.
After considering the administrative expenses, the broker turned an operating loss of £9.2 million, compared to a profit of £595,000 in fiscal 2020.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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