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Capital Index Reports 29% Decline in 2023's Trading Revenue
London-based online FX and CFD broker Capital Index (UK) has announced its financial results for 2023, showing a significant decline in performance. The company's trading revenue experienced a decrease of 29%, from £1,463,501 in 2022 to £1,035,073.
The decrease in revenue was accompanied by an increase in loss to £256,045 from £201,638 in the previous year. However, the company saw a significant increase in its trading profit margin, from 77% in 2022 to 93%. Despite this, cash and cash equivalents decreased to £240,305 from £315,471 in the previous year.
Capital Index attributed its financial struggles to the ongoing cost-of-living crisis in the UK, which has adversely affected client numbers and trading volumes. Looking ahead, the directors are cautiously optimistic, anticipating a potential revenue increase and a return to profitability in 2024 as they aim to reduce overhead costs.
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