4T Markets sees increased revenue for FY23 accompanied by higher net loss
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
A London-based financial firm 4T Markets Limited (formerly Formax Prime Capital Limited), recently published a report regarding the fiscal year 2023, which ended on March 31, 2023. However, the firm reported mixed financial results.
On the positive side, the UK-headquartered firm noted that it nearly doubled its revenue during FY23. The revenue went from £119,044, as reported during FY22, to £235,821 in FY23. However, the increased revenue also came with a higher net loss, which surged from last year’s £271,446 to £300,157.
The firm’s recent filing with Companies House unveiled that its operational costs more than doubled, going from £62,572 to £132,865. Meanwhile, the administrative expenses were inflated to £403,000.
Major developments for 4T Markets
It is worth noting that the company saw some notable developments during the fiscal year 2023. One of the biggest ones was the acquisition of a 9.95% stake in 4T Markets by 4T Global Ltd. This happened on the very last day of the fiscal year, March 31, 2023. More importantly, the move has set the stage for a possible change in control of the firm, although this it still subject to the FCA’s regulatory approval.
But, if the regulator approves it, the change will fully integrate the firm into the 4T Global’s network. The network itself spans numerous technology and financial sectors across multiple jurisdictions, so some new opportunities may arise moving forward.
4T Markets is also planning to apply for a license extension in order to prepare for the integration. The extension will include Contracts for Difference or CFDs. If approved, the firm’s offerings would be aligned with those of many of its industry peers, thus leveling the playing field for 4T Markets.
The company’s senior management is currently focusing on improving its operations and customer support in order to prepare for the planned expansions. Furthermore, in order to improve its corporate governance, the firm also plans to appoint new members of the Board of Directors. That also includes a non-executive director.
4T Markets post-FY23
From the financial point of view, the company has reported net current assets of £216,714 since the end of the fiscal year on March 31. Meanwhile, its net assets have reached £217,541. However, despite the loss incurred throughout the year, the company said that it relies on the continued support of its parent firm, which will help it reach its financial obligations and, in doing so, allow it to sustain operations.
Moving forward, 4T Markets intends to release additional tech enhancements in months to follow. It will primarily focus on affordability and automation, since its goal is to make trading more accessible.
