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Screenshot of a breaking news alert e-mail from Q2 2017
eToro (UK) Limited, a subsidiary of eToro Group Limited, has just published its financial report for 2014, with the company managing to end last year with total assets exceeding $1 million.
The company, which offers social investment services mostly to retail clients, was granted authorization from the Financial Conduct Authority (FCA) in March 2013.
During the 12 months to December 31, 2014, the company did not trade, but established the infrastructure and corporate governance structure for the start of the business. As a result, the numbers provided in the report reflect mostly expenditure associated with such strategic moves.
- Administrative and operating expenses for the 12 months to December 31, 2014 amounted to $876,147, whereas finance expenses amounted to humble $2,352.
- The expenditure translated into a net loss of $878,499 for the period.
- Total assets at the end of the year amounted to $1,034,670.
- Ordinary share capital as at December 31, 2014 totalled $2,050,002.
Obviously the company managed to put some solid base for developing its UK business. Since the end of 2014, eToro has been busy building further their UK operations (and beyond – in Europe), hiring research and customer service personnel and expanding the infrastructure. We’ll be curious to see how these efforts affect the company’s results for 2015.
In the 2014 report, the directors of eToro UK stated that they have a reasonable expectation that the company and eToro Group Limited have adequate resources to continue in operational existence for the foreseeable future and the company has sufficient capital to meet its regulatory capital requirements for the next 12 months from the date of this report.
To view the report, click here.