ADSS UK Generates £3.09 Million Revenue in 2020

ADS Securities London Limited (ADSS), the British subsidiary of Abu Dhabi brokerage group, disclosed its financials for fiscal 2020, ending on December 31, reporting a significant down of its revenue and profits during this year.

The FCA-licensed company reported revenue of £3.09 million, which is 38percent lower than the previous year's £4.99 million. It generated a gross profit of £3.01 million, this was lower from £4.97 million in the previous year.

However, the administrative expense of ADSS UK have declined significantly. The company spent £2.76 million in the year, which is down from the previous year's £4.23 million. That was a year-over-year decline of 34 percent.

Considering other interest incomes and expenses, ADSS made £197,535 in pre-tax profits, compared to the previous year's £729,388. That was a year-over-year drop of almost 73 percent.

"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 company stated.

Earlier this year, Paul Webb, CEO of ADSS UK, has departed his role and stepped down as a director. He joined the company back to 2016. Before this role, he has served as Chief Dealer of ADSS since 2012.