Capital.com Shatters Previous Year's Profit by 123%, Reaching £4.13 Million

<p>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 an increase of 123% compared to the
£1.85 million reported the previous year.</p><p>Capital.com UK Reports
Strong Financials for 2022</p><p>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, which is up more than £3 million from the
£2.38 million reported for 2021. Therefore, the final net profit after taxes
was £4.13 million.</p><p>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 nearly £2 million to £18.4 million.</p><p>Overall,
2022 proved to be a very good year for Capital.com and its <a href="https://www.financemagnates.com/executives/moves/former-ig-head-peter-hetherington-becomes-capitalcom-and-currencycom-ceo/" target="_blank" rel="follow">new CEO, Peter
Hetherington</a>. He took on the role in May of last year, replacing <a href="https://www.financemagnates.com/executives/moves/jon-squires-to-step-down-as-ceo-of-capitalcom-and-currencycom/" target="_blank" rel="follow">Jon Squires</a>. Previously, Hetherington worked for more than three years as the
CEO of the publicly traded London broker IG Group.</p><p>“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.</p><p>Capital.com Expands
through Hiring and Acquisitions</p><p>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
<a href="https://www.financemagnates.com/forex/news-nuggets-20-september-capitalcom-hires-new-cco-bvnk-promotes-head-o-liquidity/" target="_blank" rel="follow">hired Sheena Kanabar</a> as its Group Chief Compliance Officer (CCO). Based in
London, Kanabar oversees global <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> teams and ensures the company
adheres to all regulatory standards.</p><p>“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.</p><p>Earlier
this year, the company <a href="https://www.financemagnates.com/executives/capitalcom-hires-ig-groups-niamh-byrne-as-head-of-uk-ireland/" target="_blank" rel="follow">appointed Niamh Byrne</a>, the former Head of UK and Ireland at IG Group. Byrne came to Capital.com after a 14-year tenure at IG
Group, where she last served as its Head of UK B2B2C Sales.</p><p>In other developments, Capital.com,
headquartered in London, has begun the process of acquiring client assets <a href="https://www.financemagnates.com/forex/exclusive-london-fx-broker-capitalcom-buys-ovalxs-client-assets/" target="_blank" rel="follow">from the forex and CFDs broker, OvalX</a>. According to a joint statement shared with <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance
Magnates</a>, the terms of the deal will allow some existing OvalX retail and
professional clients to transfer their accounts to Capital.com, ensuring an uninterrupted service.</p>

This article was written by Damian Chmiel at www.financemagnates.com.