Vantage reports achievements for 2024 fiscal year
Vantage reports achievements for 2024 fiscal year
Vantage Global Prime LLP, a major player in the retail Forex and CFD brokerage market, has released its financial results for the fiscal year ending June 30, 2024. The report highlights a decline in profits compared to the previous year, reflecting challenging market conditions and competitive pressures within the industry.
Key Financial Indicators
The company’s turnover for the year amounted to £1,905,972, significantly lower compared to £2,022,663 recorded in 2023. At the same time, the report showed that the broker’s gross profit decreased to £1,772,286 from £1,905,826 in the previous year.
Vantage’s operating profit increased to £476,599 in 2024 from £197,206 in 2023, indicating improved operational efficiency. However, after accounting for expenses, the company’s profit before shareholder rewards dropped to £76,599, a sharp decline from £197,207 in 2023.
Administrative Expenses and Asset Growth
Despite the increase in turnover, the company faced significant administrative expenses, which remained relatively unchanged from the previous year at £1,695,687. These expenses have been a persistent challenge for Vantage, affecting overall profitability.
One of the notable positive outcomes from the financial report was the growth in fixed assets, which surged from £20,332 in 2023 to £116,124 in 2024. This includes investments in both intangible and tangible assets, reflecting the company’s ongoing efforts to strengthen its infrastructure and technology.
The company’s current assets also showed growth, increasing from £1,419,382 in 2023 to £1,490,188 in 2024. The rise in cash reserves, now standing at £864,374, indicates an improvement in the company’s liquidity position.
Market Outlook and Future Challenges
While the company managed to maintain stable operations, the decline in overall profits highlights the growing pressure faced by retail FX and CFD brokers, including increased competition and volatile market conditions. Vantage’s continued investment in fixed assets and its improved liquidity position suggest a commitment to long-term growth.
Previously, the broker introduced an updated copy trading platform, allowing users to implement up to 10 individual strategies.
Read also: FreshForex launches the MetaShireTrading Challenge
