Almost
double the revenue and reduced direct costs led to a net profit of £4.13
million in 2022 for the UK branch of Capital.com, which is regulated by the
Financial Conduct Authority (FCA). This marks a 123% increase compared to the
£1.85 million reported the previous year.
Revenue for
Capital.com UK Limited, a subsidiary of the Capital.com Group responsible for
its UK operations, stood at £29.11 million, almost doubling from the £15.45
million reported a year earlier, according to a report released this week. The
company’s operating profit was £5.42 million, up more than £3 million from the
£2.38 million reported for 2021. Therefore, the final net profit after taxes
was £4.13 million.
However,
the report shows that the value of client funds held by Capital.com in the UK
slightly declined year-over-year. In 2021, it stood at £20.1 million; by the
end of 2022, it had shrunk by nearly £2 million to £18.4 million.
Overall,
2022 proved to be a very good year for Capital.com and its new CEO, Peter
Hetherington, who took the role in May of last year. He replaced Jon Squires in
the position. Previously, Hetherington worked for more than three years as the
CEO of the publicly-traded London broker IG Group.
“It was always going to take something special to persuade me back into the industry, and I am thrilled to join a company that is so uniquely positioned,” Hetherington said in May.
Capital.com Expands
Through Hiring and Acquisitions
The hiring
of Hetherington was not the only personnel change that Capital.com has made in
recent months. As reported by Finance Magnates, the broker recently
hired Sheena Kanabar as its Group Chief Compliance Officer (CCO). Based in
London, Kanabar oversees global compliance teams and ensures the company
adheres to all regulatory standards.
“We are delighted to welcome Sheena to our leadership team. In addition to working closely with regulators worldwide and fostering a strong culture of compliance throughout the organisation, Sheena’s expertise will be instrumental in helping us drive growth in-step with the highest regulatory standards,” said Hetherington.
Earlier
this year, the company also appointed Niamh Byrne, formerly of IG Group, as its
Head of UK and Ireland. Byrne came to Capital.com after a 14-year tenure at IG
Group, where she most recently served as the Head of UK B2B2C Sales.
In other developments, Capital.com,
headquartered in London, has begun the process of acquiring client assets from
forex and CFDs broker OvalX. According to a joint statement shared with Finance
Magnates, the terms of the deal will allow some existing OvalX retail and
professional clients to transfer their accounts to Capital.com, ensuring
uninterrupted service.
Almost
double the revenue and reduced direct costs led to a net profit of £4.13
million in 2022 for the UK branch of Capital.com, which is regulated by the
Financial Conduct Authority (FCA). This marks a 123% increase compared to the
£1.85 million reported the previous year.
Revenue for
Capital.com UK Limited, a subsidiary of the Capital.com Group responsible for
its UK operations, stood at £29.11 million, almost doubling from the £15.45
million reported a year earlier, according to a report released this week. The
company’s operating profit was £5.42 million, up more than £3 million from the
£2.38 million reported for 2021. Therefore, the final net profit after taxes
was £4.13 million.
However,
the report shows that the value of client funds held by Capital.com in the UK
slightly declined year-over-year. In 2021, it stood at £20.1 million; by the
end of 2022, it had shrunk by nearly £2 million to £18.4 million.
Overall,
2022 proved to be a very good year for Capital.com and its new CEO, Peter
Hetherington, who took the role in May of last year. He replaced Jon Squires in
the position. Previously, Hetherington worked for more than three years as the
CEO of the publicly-traded London broker IG Group.
“It was always going to take something special to persuade me back into the industry, and I am thrilled to join a company that is so uniquely positioned,” Hetherington said in May.
Capital.com Expands
Through Hiring and Acquisitions
The hiring
of Hetherington was not the only personnel change that Capital.com has made in
recent months. As reported by Finance Magnates, the broker recently
hired Sheena Kanabar as its Group Chief Compliance Officer (CCO). Based in
London, Kanabar oversees global compliance teams and ensures the company
adheres to all regulatory standards.
“We are delighted to welcome Sheena to our leadership team. In addition to working closely with regulators worldwide and fostering a strong culture of compliance throughout the organisation, Sheena’s expertise will be instrumental in helping us drive growth in-step with the highest regulatory standards,” said Hetherington.
Earlier
this year, the company also appointed Niamh Byrne, formerly of IG Group, as its
Head of UK and Ireland. Byrne came to Capital.com after a 14-year tenure at IG
Group, where she most recently served as the Head of UK B2B2C Sales.
In other developments, Capital.com,
headquartered in London, has begun the process of acquiring client assets from
forex and CFDs broker OvalX. According to a joint statement shared with Finance
Magnates, the terms of the deal will allow some existing OvalX retail and
professional clients to transfer their accounts to Capital.com, ensuring
uninterrupted service.
