LeapRate Exclusive… LeapRate has learned that FCA regulated Retail FX and CFDs broker Valutrades will soon be posting its financial statements with regulatory authorities, indicating that the company continued to grow its revenue base in 2017.
Overall, Valutrades grew its Revenue from £693,000 in 2016 to £1.22 million in 2017 – growth of 77%. Valutrades was able to do so while at the same time reducing its Cost of Sales and keeping Admin expenses in check and flat from the previous year, such that the company’s overall net loss was cut from £720,000 2016 to £296,000 in 2017.
Along the way Valutrades more than doubled Client Funds held at the company, increasing by 110% from £1.1 million last year to £2.3 million as at year-end 2017.
Valutrades CEO Graeme Watkins commented to LeapRate:
2017 was in line with expectations of a narrowing of losses and solid growth in the business. Valutrades remains committed to substantial investment for long term sustainable growth and market share by offering a competitively prices, superior technology and excellent service business. The trend has continued in 2018 with record volumes and recent investment of GBP 1.4 million demonstrates our shareholders commitment to our vision.
Valutrades was originally set up about five years ago as the FCA-regulated UK arm of Indonesia-based retail forex broker Monex Investindo Futures, that country’s leading online broker. (Not to be confused with Monex Group of Japan, an unrelated company). At the time, Anil Bahirwani was CEO of Monex. However Bahirwani left active management of Monex and took direct control (along with business partner Mohandas Lakhiani) of Monex UK, renaming it Valutrades in early 2014.
In 2016, as part of its recapitalization Valutrades changed its MT4 white label to AMB Prime, a Cyprus-based CySEC licensed company which is also owned by Anil Bahirwani. (With the “AMB” of AMB Prime standing for Anil M. Bahirwani).
Post-year end has been very busy at Valutrades, with the company raising an additional $2 million in capital from shareholders and upgrading its FCA license to a full-scope “730K” license, and adding two new directors in ODL Securities founder JohnPaul Thwaytes and FX industry veteran Gavin Foster. The company also hired ADSS executive Harry Campbell-Lamerton as COO.
Valutrades 2017 income statement follows:
The post Exclusive: Valutrades Grows Revenues 77%, doubles Client Funds held in 2017 appeared first on LeapRate.
Exclusive: Valutrades grows Revenues 77%, doubles Client Funds held in 2017 was first posted on August 30, 2018 at 1:56 pm.
