IronFX UK Doubles Revenue to $1.4 Million in 2024, Net Profit Slips Slightly ⋅ Crypto World Echo
Notesco UK Limited, which operates the brokerage brandIronFX in the United Kingdom, has released its financial results for the yearended 31 December 2024. The company reported a significant increase in revenueduring the period.
Revenue Doubles, Administrative Expenses Surge
Revenue rose to $1.44 million in 2024, more than double the$702K reported in 2023. Gross profit was equal to revenue, as no cost of saleswas recorded. Administrative expenses increased sharply to $1.28 million,up from $544K in the previous year. Despite the rise in expenses, operatingprofit remained positive at $163K in 2024, slightly higher than the $157Kreported in 2023.
“During the year, the Company experienced a slight increasein expenses compared to its previously maintained low-cost base strategy.However, the directors are confident that from next year, the cost base willreturn to prior levels, ensuring continued efficiency. With a growing UK clientbase and a controlled cost structure, the Company is well-positioned forcontinued success,” the Companies House filing stated.
You may find it interesting at FinanceMagnates.com: IronFXUK Sees 2022 Profit Rise despite Fall in Revenue.
Income Tax Expense Rises, Net Profit Dips
Income tax expense rose to $38K, compared to $31K in theprior year. As a result, net profit for 2024 was $124K, a marginal decreasefrom the $125K reported in 2023.
“The Company’s risk management policy is under continuousreview and the directors have been conscious throughout 2024 of the changingbusiness and the need to ensure that the controls are robust and appropriatefor the operations in place,” the Companies House filing of the firm added.
IronFX Founder Expands Into Prop Trading
Markos Kashiouris, founder of IronFX, hasexpanded his involvement in the retail trading sector with the launch of anew prop trading platform, Ultimate Traders, as reported by Finance Magnates.The platform is operated by UK-registered Ultimate Traders Evaluation Ltd,established in February 2023, with Kashiouris holding a majority stake of over75%.
IronFX is operated by Cyprus-registered Notesco FinancialServices Ltd, founded by Kashiouris, and has a UK presence regulated by theFCA, alongside operations in Bermuda. Ultimate Traders’ sole Director isAndreas Pogiatzis, a Cyprus resident, connecting the platform to the island’sretail trading industry.
This article was written by Tareq Sikder at www.financemagnates.com.
