Fortrade registers net profit surge of 576% in FY2020

According to the latest Companies House filing, the London-based forex and CFDs broker Fortrade has registered a significant growth in the financial year 2020, ending on 31 December.

Fortrade’s turnover for 2020 stood at £26.67 million. Compared to the previous year’s £15.54 million, this was a 71.6% jump. The cost of sales, however, also increased from £12.15 million in 2019 to £22.09 million in 2020.

The broker registered gross profit of £4.58 million. The pre-tax profit, before administrative expenses and other payable interests and charges, stood at £1.2 million, a 592% surge compared to the previous year.

The net profit came in at £995,642, a 575.5% higher than the previous year’s £147,404.

The official Companies House filing said:

The results for the year and financial position at the year-end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

Fortrade also shared its plans for future expansion:

The filing added:

The group continues to look for opportunities overseas and therefore, the directors expect that the parent company will grow its business both in its core market and new markets and this will lead to an improvement in the group’s financial results and key performance indicators.


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