Onyx’s Advisory Arm Reports Revenue Growth Following CFDs Broker Debut
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Onyx Capital Group’s retail brokerage, Onyx Markets, has grown its revenue since launching last year. The FCA-regulated broker offers trading in contracts for differences (CFDs) and spread betting. The company said it earned £3.1 million in the 18 months ending December last year, up from £0.9 million the year before. This shows more traders are using their platform.
Onyx runs its retail trading through Onyx Capital Advisory Limited, which got its FCA license in 2019. It started with advisory services before adding retail trading. The firm said the brokerage has steadily grown, gaining more clients and a bigger share of the market. This steady growth fits the company’s plan to expand.
Onyx Markets Reports Operating Loss Of £4 Million Despite Higher Revenue
According to the update, Andrea Rebusco leads the brokerage team and has experience from IG Group and MoneyFarm. Several former IG executives also joined. The company said their skills helped grow the team and bring in more clients. Their experience strengthens the company’s service.
Even with higher revenue, Onyx Markets reported an operating loss of £4 million, up from £1.7 million the year before. The filing said turnover grew a lot, but the company is still working toward profit. The advisory side grew revenue by 360% compared to the prior year. This shows the business is growing in more than one way.
Onyx Capital Group’s total turnover was £247 million for 18 months, up from £208 million in the previous 12 months. The firm said these numbers show clear growth, though they are not directly comparable. The rise reflects more trading across the group’s services.
Onyx Maintains Strong Results And Good Cash Position
Operating profit in Onyx Capital Group fell to £33 million from £76 million, and net profit dropped to £28 million from £60 million. The filing revealed that tough market conditions hurt trading margins and profits. The company said these results reflect a difficult time for many in the trading sector.
Greg Newman, the group’s leader, said many firms faced hard markets last year, but Onyx’s results stayed strong. He added the company has a good cash position and runs smoothly. This helps the company stay steady when markets are rough.
Newman also said the firm faced outside pressures like swings in profit, a public legal dispute, and pressure from other trading houses. Despite this, the company stayed focused on its goals. He pointed to the team’s focus as key to handling challenges.
The filing shows the brokerage is still growing and balancing costs with client gains. The firm said it expects better results as the business gets stronger and markets improve. This careful approach helps the company stay on track.
