Monex Europe, a specialist in commercial foreign exchange (forex), has provided Finance Magnates with its financial statement for the year ended December 31, 2018, this Tuesday.
The forex-focused firm has established itself as a leading niche provider of commercial and deliverable FX. Despite 2018 being a tough year for the FX industry, particularly in the second-half, Monex Europe still managed to report a solid performance, although most of its key financial indicators are lower on a year-on-year comparison.
Specifically, operating profit for the 2018 financial year was £11.21 million. When measuring this against the previous year, which had an operating profit of £14.69 million, it is lower by around 24.4 per cent.
Profit for 2018 fell by 25.1 per cent year-on-year to reach £8.98 million. Profit before tax came in at £11.21 million. Although still a solid figure, it is lower than that achieved in 2017 by 23.67 per cent.
Group net trading during the year was above £61.8 million. When measuring this against the net trading achieved in 2017, which was £68.3 million, it is lower by 9.5 per cent.
Monex Europe’s financial results reflect an industry-wide trend. Following the implementation of the European Securities and Markets Authority’s (ESMA) product intervention measures, many brokers within the EU have reported lower trading volumes, and as a result, lower profits and revenues.
Speaking to Finance Magnates, Nick Edgeley, Managing Director of Monex Europe said: “It’s been another strong year for Monex Europe, generating pre-tax profits of £11.2m. Our concentration has been on expansion, with a doubling of our London office space.”
“It’s been especially exciting to announce the opening of our new offices in Singapore and Luxembourg. This will allow us to increase our activities in some of the world’s most vibrant markets and provide a more expansive service to clients. We’re all looking forward to the year ahead.”
Brexit Uncertainty Continues into 2019 for Monex Europe
Not only have companies within the EU had to deal with tightening regulation, but also the . In its report, the company highlights a number of ways that Brexit could harm investments – instability of the Eurozone, weakening of the British pound and potential harm to the UK’s economy, among other issues.
Monex Europe – not to be confused with the Japanese company which is also named Monex, was previously known as . However, in July of 2012, Monex S.A.B. (also known as Monex Group) and then renamed it to Monex Europe Ltd.
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