8Safe UK, the UK branch of forex brokerage group IronFX, generated a revenue of $4.2 million in 2015, posting a drop of 40% from the preceding year, according to an annual financial report filied with the UK’s trade register Companies House published earlier this week.
The brioker’s net profit decreased at a more modest rate of 12.8% to $212,800 last year from $244,000 in 2014.
“The performance for the year and the position at 31 December, 2015, are considered to be satisfactory and the directors are optimistic about the future as the business seeks to continue to grow its client base in the UK,” the financial report read.
While its financial performance weakened, the broker’s total assets more than tripled to more than $16.8 million at the end of 2015, compared to $5 million a year earlier. It was not clear what caused the significant growth. In 2015, some $12.8 million were in cash and cash and cash equivalent assets, $3.3 million were assets from trade and other receivables, and the remainder were non-current assets. In comparison, a year earlier cash assets amounted to $2.4 million.
During the year the company, 8Safe underwent restructuring that involved a change in name and reduction of personnel and cost base. In November 2015, the company got rebranded to 8Safe UK from IronFX Glonal UK.
“The directors are confident that with the restructuring, together with a growing UK client base, the company will continue to trade successfully in the future,” the broker said in the report.
8Safe UK, trading as IronFX, is licensed by the UK Financial Conduct Authority (FCA) and is part of IronFX Global, a holding company with subsidiaries also licensed in Cyprus and Australia. The IronFX brand services retail and institutional customers from over 180 countries in Europe, Asia, the Middle East, Africa and Latin America.