Equiti Capital reports profit growth of 209% in the volatile year of 2020

Rick Steves

“The increase in revenues and profitability can be attributed to strong risk management and controls, good governance and systems in place”

Equiti Capital UK Limited has reported an increase of 209% in profitability for the financial year ending December 2020.

The earnings report point to an increase in profit of $1.8 million compared to $569,000 in the previous financial year and an annual revenues growth of 25% to $31 million.

Revenue growth was supported by a strong Equiti UK Balance Sheet, with net assets of $22.4m, as the company remained highly cash generative during the year.

Nigel Holmes, Acting CEO of Equiti UK and Director of the Equiti UK Board, 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”, he added. The FCA-regulated subsidiary of Equiti Group has recently received a $10 million cash injection from its parent company to fund strategic initiatives.

Equiti Capital has built an operation that is not reliant on sustained periods of high volatility in markets. The firm has invested in product development, diversified into new contracts, and focused on technical expertise and clients to deliver sustainable results for years to come.

Its strong balance sheet and liquidity position remain in place despite the challenges Covid-19 brought during the reporting period. No support was sought from the government and no staff members were furloughed or received a pay reduction, the company stated.

Equiti Capital was led by CEO Brian Myers and COO Michael Ayres during the reporting period of 2020. Both executives have left the entity during the summer.

Brian Myers increased his focus on the African market and the Seychelles entity as CEO of both operations. Michael Ayres left Equiti Capital earlier in August and was replaced by the new COO, Paul Webb.

Nigel Holmes assumed the role of interim CEO for Equiti Capital (UK) in the face of Brian Myers’ departure. Mr. Holmes has been a director and board member of Equiti Capital (UK) since March 2018.

 

Read this next

Digital Assets

EOS Network Foundation rebrands EOSIO protocol as Antelope

The EOS Network Foundation (ENF), the new entity entrusted by the EOS community to develop its core blockchain software, said Antelope protocol will fork from EOSIO 2.0 and make “a leap for freedom.”

Digital Assets

Crypto.com receives FCA greenlight to operate in the UK

Crypto.com, one of the longest-established crypto platforms, has received a regulatory go-ahead to launch its services in the UK.

Retail FX

Plus500 reports $511.4 million revenue for the first semester 2022

Plus500 today has published its interim financial results for the first six months of its fiscal year 2022.

Digital Assets

AAX ranked among top crypto exchanges by CoinGecko and CryptoCompare

CoinGecko, one of the earliest crypto data aggregators, has ranked Atom Asset Exchange (AAX) as one of the most trusted cryptocurrency trading platforms. This milestone comes hot on the heels of AAX being recognized as the world’s second largest crypto exchange by spot trading volumes.

Retail FX

Financial Commission adds FX broker Bold Prime to membership roster

The Financial Commission today announced that it has added Bold Prime to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.

Digital Assets

Despite crypto winter, Cake DeFi paid out $58 million in Q2 rewards

According to its latest ‘Transparency Report,’ Cake DeFi continued its growth trajectory in the three months through June 2022, even as the entire crypto industry experienced macro challenges this quarter.

Retail FX

SimpleFX Review: Cryptos, Spreads, Pros & Cons

SimpleFX combines years of Forex and cryptocurrency experience with a focus on offering resources to retail traders. 

Retail FX

Ironbeam becomes CME clearing member and launches MT5

“The direct clearing aspect along with our low-latency proprietary trading tools and technology solutions make Ironbeam the ideal trading destination.”

Institutional FX

Top 0.07%: oneZero makes it to Inc. 5000 of fastest growing companies in America

oneZero started out by serving the foreign exchange trading community, developing and executing technology that could scale with the growth of the FX market.

<