IronFX Parent Company Delivers Solid Year-End Financial Results
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Notesco UK Limited, the firm behind the brokerage brand IronFX in the United Kingdom, reported a notable increase in revenue for the period ending 31 December last year. The company’s revenue reached $1.44 million, more than double the $702,000 recorded in the previous period.
Gross profit matched revenue, with no cost of sales reported. Administrative expenses rose sharply to $1.28 million, up from $544,000. Despite the increase in expenses, operating profit stayed positive at $163,000, slightly higher than the $157,000 reported before.
Notesco Aims For Continued Growth And Strategic Expansion In The Trading Industry
The company stated that it saw a slight increase in expenses compared to its previously low-cost base strategy. However, the directors expressed confidence that from the next period, the cost base would return to prior levels, ensuring efficiency. They noted that with a growing client base in the UK and a controlled cost structure, the company was well-positioned for continued success.
Income tax expense increased to $38,000, compared to $31,000 in the prior period. This resulted in a net profit of $124,000, a slight decrease from $125,000 the year before. The filing further added that the company’s risk management policy was under continuous review.
The directors emphasized their awareness of the changing business environment and their commitment to ensuring that controls remain robust and suitable for the operations.
Notesco Says It’s Committed To Strengthening Compliance And Trading Standards
Markos Kashiouris, the founder of IronFX, expanded his presence in the retail trading sector with the launch of Ultimate Traders, a new prop trading platform. According to report, the platform is operated by UK-registered Ultimate Traders Evaluation Ltd, which Kashiouris established two years ago.
Kashiouris owns over 75% of the company. IronFX works under Notesco Financial Services Ltd, a Cyprus-based company that Kashiouris also built. It follows rules set by the UK’s Financial Conduct Authority and has an office in Bermuda. Andreas Pogiatzis, who lives in Cyprus, is the only Director of Ultimate Traders and helps connect the platform to trading in Cyprus.
Notesco Group is a fintech company that brings together several businesses focused on CFDs. The company gives customers round-the-clock access to financial markets. It offers modern trading tools, many types of trading options, support in different languages, and fast service. Notesco said it is working to keep trading clear and fair while following the rules set by different regulators.
