ADSS’ UK business reports £3.09 million in 2020 revenues, down 38%YoY

abdelaziz Fathi

ADSS’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was 38 percent lower than the amount it earned in the fiscal year of 2019.

Per its latest filing with the UK Companies House, ADS Securities London Limited (ADSS) has yielded £3.09 million in 2020 revenues. This was lower from £5 million in the previous year.

The UK business of Abu Dhabi headquartered international brokerage, ADSS, had offset its declining revenues with lower operational costs. Administrative expenses were reported at £2.76 million, down 34 percent from £4.22 million in 2020.

In terms of its bottom line metrics, the firm’s operations barely broke even with a £197K net profit compared with £730K in 2019.

The lagging revenues and net income were reflective of ADS Securities’ shift from an institutional-led offering to that of one centered around professional clients, the company said.

“During 2020 the company saw a 26% YoY decrease in revenues (excluding Transfer Pricing) which was a result of the pivot from an institutional led offering to that of one centred around Professional clients. The board remains committed to its strategy of predominantly focusing upon the Professional client sector within the UK in the short to medium term. The transfer pricing methodology employed remained unchanged year on year, with the company retaining a “cost plus” methodology for intercompany transactions,” the filing further reads.

Other business highlights show that ADS saw no material impact as a result of Brexit. It also states that the board of directors’ reviews dividend proposals in light of financial results and market conditions. The source of UK operations’ funding to date has been the immediate parent company, ADS Holding LLC, a company incorporated in the United Arab Emirates.

ADS Securities London announced a series of plans to restructure several aspects of its operations, including the centralization and automation of key support such as administration and IT at its corporate headquarters in Abu Dhabi. Despite the changes, the UK subsidiary remains as the company’s regional hub for both private and institutional clients throughout the UK and Europe, while also offering support across the full spectrum of ADS Securities’ network in the Middle East and Asia.

In this context, Aaron Brown has moved to the UAE as he assumes an expanded role within the Abu Dhabi parent brokerage. Brown has originally joined ADSS back in February 2020 as a senior executive at eFX & CFDs institutional sales desk. He was apparently promoted to Senior Institutional Sales Manager as he moves to the Emirates from the City, where he had worked 15 years.

  • Read this next

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.

    Market News

    Bitcoin stalls at $53,000 level, Ethereum reaches $3,000

    Bitcoin (BTC) faced renewed resistance at the crucial $53,000 level on Tuesday, indicating that the primary cryptocurrency is likely to continue consolidating before making its next decisive move.

    Digital Assets

    UK targets new laws for stablecoins and crypto staking within six months

    The United Kingdom is gearing up to enact fresh legislation regulating stablecoins and crypto staking within the next six months.

    Web3

    Masa’s Milestones Before Mainnet Launch

    Since its launch in August 2022, Masa, the premier decentralized network for personal data, has experienced rapid growth, securing over 1.2 million unique wallets and accumulating more than 23 million data points. Despite a bear market, the network has attracted over 40,000 node operators to its testnet within just 18 months.

    Digital Assets

    Web3 Greatest Startup Competition Hits $10M in Prizes

    We’re thrilled to announce the return of the highly anticipated Startup Competition at Paris Blockchain Week. With a staggering array of prizes totaling over $10 million, encompassing funding, grants, credits, accelerations, listing, and more, this competition has become a cornerstone event within the blockchain startup ecosystem.  

    Digital Assets

    Hedge fund Tyr Capital faces dispute over exposure to FTX

    Crypto hedge fund Tyr Capital found itself embroiled in a dispute with one of its clients concerning its investment exposure to the bankrupt digital assets exchange FTX, as reported by the Financial Times on Tuesday.

    Retail FX

    Plus500 revenue down to $725 million, unveils $100M share buyback

    Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported its 2023 results, which came “significantly ahead” of analysts’ estimates.

    Education

    Strategies for Profiting from Interest Rate Fluctuations

    The world of Forex trading is a complex and dynamic domain where interest rates play a pivotal role in shaping currency values. Octa’s team of financial experts delves into this intricate relationship, providing traders with a comprehensive understanding and strategies to harness economic indicators for enhanced trading performance.

    <