AXI’s UK Subsidiary Saw a 46% Rise in FY21 Client Revenue.

AXI’s UK Subsidiary Saw a 46% Rise in FY21 Client Revenue.

The London-based branch of Australian FX brand Axei, AxiCorp Limited, has released its financials for the year ending June 30, 2021. Reports show a significant rise in important metrics related to business generated in the United Kingdom.

The turnover produced by UK clients rose by almost 130% in a year, coming in at £10.8 million in the last financial year compared to £4.78 million in the previous year. The broker turned an operating profit of £1.5 million after considering sales expenses and administrative costs, 347% greater than 2020.

Finally, the broker’s total comprehensive income for the year was nearly £1.9 million, up from £259,174 in the previous financial year.

According to the Companies House document of the broker, the dramatic increase in yearly income was mainly due to an expansion in client revenue, which rose to £17.2 million in the last financial year from £11.8 million in the previous one.

UK operations boomed

The UK branch of Axi was established in 2014 as the ‘ultimate parent company is providing ‘support services.’ It’s worth noting that these figures only represent Axi’s operations in the United Kingdom and don’t account for the success of the retail broker brand elsewhere.

According to a UK filing, the company’s main activity during the financial year was offering services for direct market access trading of contracts for difference and other financial instruments.

Meanwhile, Axi is growing its product portfolio considerably to meet the rising customer needs. It has recently extended the number of available share CFDs and provided copy trading services.