One Global Market (OGM), a leading United Kingdom-registered contracts broker, has reported a stellar fiscal year ending in September.
One Global Market (OGM), a leading United Kingdom-registered contracts broker, has reported a stellar fiscal year ending in September.
One Global Market (OGM), a leading United Kingdom-registered contracts for differences (CFDs) broker operator, has reported a stellar fiscal year ending on September 30, 2023. The company witnessed a substantial 213 percent increase in turnover, reaching an impressive £791,791 compared to the previous year.
The surge in revenue had a cascading effect on OGM’s financials, resulting in a gross profit of £668,114, marking a commendable 212 percent increase. However, the heightened sales cost, which rose to £123,677 from £38,290, and a significant increase in administrative expenses to £520,304 from £181,496 (a rise of 187 percent) showcased the challenges faced by the London-based company amidst its rapid growth.
After accounting for other income and expenditure, the pre-tax and net profit both reached £147,813, representing a remarkable year-on-year increase of approximately 350 percent, as per the latest Companies House filing.
In response to the financial success, OGM expressed optimism about its future prospects. “2023 proved to be a profitable year for OGM. This financial success laid a solid foundation for the company’s future endeavors, providing the financial stability needed to invest in growth initiatives,” stated the company.
One Global Market, authorized by the Financial Conduct Authority in the UK, primarily focuses on offering online forex and CFD instruments across various asset classes, catering to both retail and professional clients. The company generates revenue through spread markups, commissions, and swap premiums, operating on an agency brokerage model where its income is directly related to clients’ trading volume.
Furthermore, the fiscal year 2023 marked a significant turning point for OGM as it underwent a change in control, a process approved and finalized by year-end. This change brought new shareholders, fresh perspectives, and a strategic vision to the organization. “With a renewed sense of purpose and direction,” the filing added, emphasizing the positive impact of this change on the company’s trajectory.
Looking ahead to 2024, OGM is going for continued success. The company strengthened its leadership team, focusing on growth and compliance, particularly consumer duty, to set the stage for the upcoming year. OGM expressed confidence in its ability to navigate future challenges and capitalize on opportunities in the broker industry.
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