Acetop UK Retail Broker Achieves Fourfold Increase In 2023 Revenue
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The UK-registered unit of Acetop, a retail broker that offers spread betting and contracts for differences (CFDs), saw a significant increase in its annual revenue last year. Its revenue rose by 320 percent, reaching £756,885. The boost in revenue helped to reduce the company’s losses to £13,151 from £334,640 in the previous year.
Acetop Financial Limited Seeks To Promote Financial Growth
Acetop Financial Limited, in its most recent filing with Companies House, stated that In 2023 the team had a great year in its finances. The firm highlighted that its revenue saw a remarkable increase.
The increase can be attributed to a mix of innovative product offerings, strategic initiative, and a quick response to the changing financial situation, the firm added.
The company stated that most of their revenue came from trading. The notional trading volumes of the firm reached approximately $4.65 billion in 2023, showing a notable improvement compared to the $3 billion in the previous year. Moreover, the broker disclosed that spot gold remained a key focus throughout the preceding year.
However, as the revenue increased, the administrative expenses of the firm based in the UK went up to £761,760 from £509,647 in 2022. At the same time, the amount of interest the company needed to pay decreased significantly to £4,875 from £328,839.
Acetop Aims To Reduce Interest Payments
Acetop provides leveraged trading services using over-the-counter derivatives, mainly spread betting and CFDs. While CFDs are popular worldwide, traders in the UK prefer spread betting because any profits made from these types of trades are not subject to tax in the country.
The company based in the UK pointed out that it allows both professional and retail customers to trade CFDs in various countries.
According to the filing, the UK branch of the broker had a “small number of new customers added in 2023.” However, it did not specify the exact number.
At the end of 2023, the company’s balance sheet remained strong, with £3.36 million in total assets, in contrast to £2.74 million the previous year. The net assets stayed nearly the same at £1.61 million, which was very close to £1.62 million in 2022.
In the filing, the company also stated that they are always thinking about how they can offer more variety and improve their services to attract customers from around the world.
The firm believes it has a good selection of products in different markets to provide their customers with a wide range of options to fulfill their needs.
