UK institutional-focused brokerage has reported its financials for the fiscal year ending July 31, 2019. The group failed to match the last year’s flat performance during the reported period, having suffered from lower revenues, which weighed down the broker’s bottom line and shareholders’ fortunes.
In terms of the aggregated financial results, House Of Borse Ltd put together a weak YoY performance relative to 2018 figures, according to its latest filing with the UK’s Companies House.
Over this period, the broker saw its operating revenue decreased to £881,709 ($1.13 million) in FY 2019, down from £1.8 million a year ago, or -52 percent lower year-over-year.
House Of Borse’s revenues consisted mainly of commission earned on foreign exchange trading by clients. The latest results continued to highlight a downturn for the House Of Borse, with the London-based firm incurring its second annual loss in three years.
Specifically, the firm reported its operating losses at a figure of £245,464 ($315,000) for 2019, compared to a slight profit of nearly £56,575 in the previous year. The company lost £245,464 back in 2017.
The primary culprit for the downbeat performance has been the reduced trading volumes, which the company described as a market wide phenomenon due to change in regulations and market conditions. have already had a more severe impact than most CFDs brokers anticipated.
Founded in 2012, is licensed by the UK regulator since 2016 to operate as a matched principle intermediary for a range of investment types, focusing primarily on institutional and professional clients. The company offers the similar core service as traditional prime brokers, and as a market facilitator and aggregator, it provides clients with direct market access to a wide range of bank and non-bank liquidity providers and ECNs.
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