LandFX UK Posts Second Year of Massive Losses
LandFX UK Ltd, the FCA-regulated arm of Asia-focused provider of FX and CFDs LAND-FX, today unveiled its financial results for the fiscal year ending December 31, 2018, which were characterised by lagging metrics in areas ranging from operating income to revenues.
LandFX UK is part of New Zealand-based brokerage Land-FX, which has a major presence in the Asia Pacific and a global presence with offices around the world including in China, Malaysia, the Philippines and Russia.
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In terms of the aggregated financial results, by the end of December 2018 LandFX UK put together a weak YoY performance relative to 2017 figures, according to its latest filing with the UK’s Companies House.
Specifically, LandFX UK witnessed a deterioration in its operating revenues, which came in at only $80,000 (£65,017) – this figure shows a steep decline from the $155,000 (£126,397) reported back in the same period a year ago.
In terms of its operating income, the figure was even weaker, having yielded a loss of $$727,000 (£591,485) compared to an operational loss of $710,000 (£577,567) for the fiscal year ending December 31, 2017.
LandFX expanded into institutional space
Meanwhile, administrative expenses stayed almost unchanged year-on-year, despite the weak revenues, coming in at $775,000 (£631,042) relative to $847,000 (£689,529) the year prior.
LandFX has acquired its FCA license back in 2016 to operate a foreign exchange and CFDs brokerage business. After one year, the company launched an institutional offering under the brand Land-Liqudity, which is focused on providing institutional liquidity for FX, CFDs, metals and commodities.
At the time, LandFX shared with Finance Magnates that one of the reasons for the launch of the institutional business arm of the company is the recent changes in the regulatory environment. According to the firm, the retail FX market in Europe is becoming relatively unattractive for the brokers, which is why the company is looking into new opportunities in the wholesale liquidity and clearing market.
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