INFINOX Appoints Lee Holmes As New Chief Executive Officer Amid Recovery Efforts
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INFINOX Capital has selected Lee Holmes as its new Chief Executive Officer. His return comes at a time when the FCA-regulated broker is trying to rebuild after a major drop in income, despite returning to profit in the last financial year.
The firm shared that it had improved its gross income by 400%, along with rising customer deposits and trading activity. Still, Holmes explained that he hopes to take the company in a new direction and focus on fresh goals.
Holmes is not new to the company. He worked with INFINOX in a top management role between May 2022 and April 2023. His reappointment in September last year aligns with the company’s plans to focus more on institutional clients through its IXO Prime business.
INFINOX Plans Stronger Focus On Institutional Business
Before returning, Holmes worked in senior roles at Exinity and Hantec Markets, dealing with liquidity and institutional sales. He also spent time at ATFX UK and FXCM. INFINOX believes this background fits well with their current goals.
Holmes told FinanceMagnates.com that INFINOX has always held a special place in his career. He shared that he looked forward to helping the team reach new heights and believed the company had top talent in the industry.
INFINOX has gone through other leadership changes. Jana Zdravecka joined as Executive Director last year, while Robert Berkeley left the company. These changes follow a shift in ownership, with new shareholders taking control of the wider group.
Revenue Fell Sharply, But INFINOX Returned To Profit
Holmes expressed strong belief in the team’s ability to grow the business under the new leadership. INFINOX has already started to raise its profile through a sponsorship deal with the BWT Alpine F1 and Endurance teams.
The broker marked its 15th anniversary by joining hands with these racing brands. INFINOX shared that the move helped increase its visibility and attract attention across the financial sector.
Financial results for the year ending March last year showed a big drop in income. Revenue fell by 75%, dropping from £14.6 million to £3.7 million. At the same time, the company chose to shift away from retail clients to focus on institutional trading.
Assets under management also declined sharply, dropping from £15.5 million to £5.4 million. But despite this, the broker returned to a net profit of nearly £900,000, compared to a £5.2 million loss the year before.
INFINOX reduced its costs sharply. Administrative expenses dropped by 70%, and cost of sales fell from £12.16 million to just £376,000. The company moved to a new income model in October 2023, where it earns based on client trading volume through liquidity providers.
