Vantage Gross Profit Drops to £1.8m As The Costs Grow And Revenue Declines
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Vantage Global Prime LLP, a well-known retail FX and CFD broker, recently published a financial report for the year ending on June 30, 2024. The firm’s results show a significant drop in profits compared to the year before.
Vantage UK Costs On The Rise While The Profits Decline
Vantage UK saw a major decrease in turnover in 2024, which dropped from last year’s £2.02 million to £1.91 million. However, during this period, the company saw the cost of sales increase, going up from last year’s £116k to £133k in 2024.
As a direct consequence of the increase, gross profit dropped to only £1.77 million from the £1.91 million seen the year before.
However, it is worth noting that Vantage managed to reduce the cost of administrative expenses from £1.71 million in 2024 to $1.7 million in 2024. But, even with the cost-cutting measures in place, operating profit dropped significantly, going from £197k last year to £76k.
Interestingly, there were no interest expenses or income reported for 2024, while last year brought a number of minor entries. Even the profit before members’ remuneration and discretionary division went down from £197k in 2023 to this year’s £76k.
Vantage Markets Adds New Trading Options
Meanwhile, Vantage Markets has seen some interesting developments. Specifically, the firm introduced multi-currency and multi-account support, seeking to improve its copy-trading services.
In terms of currency expansion, the firm now supports new options which include USD, EUR, HKD, INR, JPY, and US Cents. The new development is meant to enable traders from different regions to diversify their portfolios, and in doing so, increase their chances of seeing financial gains.
They can now pick their preferred currency when engaging in copy trading and mirroring experienced traders and investors in the forex arena.
Vantage’s application currently supports around 55 different deposit methods that are used by investors around the world, including the biggest ones such as credit cards and bank transfers. The firm seeks to accommodate as many users as possible by providing them with access to their funding preferences.
On top of that, the multi-account support is also expected to benefit a lot of users, as they will be able to copy trades across various account types. For example, a trader with a Standard STP account would be able to copy trades from a provider using a Swap-free RAW ECN account, even if the accounts trade in different currencies.
Lastly, Vantage Markets also integrated with TradingView, allowing users in supported regions to trade directly on TradingView’s desktop and web platforms.
