FNG Exclusive… FNG has learned via regulatory filings that Equiti Capital UK Limited, the FCA regulated institutional/B2B arm of UAE based global FX and CFDs brokerage Equiti Group, continued on its growth path in 2020, posting a healthy 17% increase in Revenue.
Revenues for 2020 at Equiti Capital came in at $33.1 million, up 17% from $28.3 million the previous year. Net profit totaled $1.4 million, up from a loss of $1.0 million in 2019.
In July 2021 Equiti UK received a USD $10 million capital injection from parent Equiti Group Limited. The company said that the increase in share capital will further strengthen Equiti UK’s balance sheet and support several strategic business expansion initiatives underway.
The company also didn’t stand pat regarding its senior management team. Equiti Capital CEO Brian Myers relocated earlier this year from London to the UAE to oversee the group’s growing offshore Seychelles and Africa business. Equiti Capital recently hired former ADSS UK CEO Paul Webb, as COO. The company also added longtime OANDA executive Chantelle Johnson as Group CMO, as was also exclusively reported by FNG.
FNG spoke with Nigel Holmes, Acting CEO of Equiti UK and Director of the Equiti UK Board, who commented:
“The increase in revenues and profitability can be attributed to strong risk management and controls, good governance and systems in place, and a motivated and dedicated workforce and new business, supported by volatility in the markets due to the pandemic and the global economic situation. The continued growth in headcount is in line with the strategic development plans for the company.”
Equiti UK said that it is not reliant on sustained periods of high volatility in markets, as continued investment in product development, diversification into new contracts, technical expertise and focus on our clients will deliver sustainable results for years to come. The company continues to have a strong balance sheet (net equity of $18.7 million as at year-end 2020) and liquidity position.
Despite the challenges COVID-19 brought during the reporting period, the directors acknowledge that no support was sought from the government, no staff members were furloughed or received a pay reduction. All employees successfully worked from home during the pandemic evidencing Equiti UK’s resilience and IT capabilities.
Equiti Capital’s 2020 income statement follows:
