Axi UK Sees Record Growth in 2024 with a 90% Profit Increase

Axi UK’s profit surged 90% to $3.92M in 2024, driven by higher trading volume and increased technology investments.

Axi Financial Services (UK) Limited has reported a substantial surge in revenue and profit for the fiscal year ending June 30, 2024 (FY2024). According to the company’s recently published annual financial statements, the UK subsidiary of retail CFD brokerage Axi experienced a 41.7% increase in revenue, reaching $38.96 million, while profit for the year soared 89.7% to $3.92 million.

The UK-based trading services provider’s turnover climbed to $39 million in FY2024, up from $27.50 million in the previous year. Despite an increase in administrative expenses, which rose to $16.05 million from $14.76 million, the company maintained a robust financial position.

“The company continues to operate profitably and has significant liquid assets,” stated the financial report, highlighting Axi UK’s strong financial standing. Interest receivable significantly bolstered the bottom line, increasing to $2.45 million from just $297,089 in FY2023.

Axi UK Sees Record Growth in 2024 with a 90% Profit Increase

Axi UK continued its investment in technology, with intangible assets nearly doubling to $4.94 million from $2.49 million. The company emphasized its commitment to research and development, particularly in advancing its trading systems to enhance user experience and efficiency.

Axi UK’s client money balances averaged $19.3 million in FY2024, a 9.4% decline from $21.3 million in FY2023. However, the decrease did not impede the company’s ability to generate higher revenue, as client revenues increased from $28 million to $39 million over the same period.

Operating profit rose 55.4% to $3.45 million from $2.22 million, while the company’s cost of sales nearly doubled to $19.47 million. This increase reflects the expanded business volume and the potentially higher market-making costs in a volatile trading environment.

In 2024, Axi focused on expanding its proprietary trading offerings, particularly through its Axi Select program. In February, the company announced that a trader secured $1 million in funding through the program for the first time in its history, marking a significant milestone in its trading initiatives.

With strong financial growth, strategic investments in technology, and expansion in proprietary trading, Axi UK is well-positioned for further success in the coming years.

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