London-Based CFDs Broker One Global Market Triples FY23 Revenue

<p dir="ltr">One Global Market, a United Kingdom-registered contracts for differences (CFDs) broker operator, closed the fiscal year on 30 September 2023 with a turnover of £791,791, an increase of 213 percent from the previous year.</p><p dir="ltr">A Strong Year for OGM</p><p dir="ltr">The higher revenue further pushed the sales cost upward to £123,677 from £38,290, resulting in a gross profit of £668,114, which has increased 212 percent. The administrative expense of the London-based company also increased significantly to £520,304 from £181,496, a rise of 187 percent.</p><p dir="ltr">After considering the other income and expenditure, the pre-tax and net profit both came in the same at £147,813, a year-on-year increase of about 350 percent, according to the latest Companies House filing.</p><p dir="ltr">“2023 proved to be a <a href="https://www.financemagnates.com/forex/fxcfds-broker-ogm-ends-fy22-with-profits-despite-revenue-dip/">profitable year for OGM</a>. This financial success laid a solid foundation for the company's future endeavors, providing the financial stability needed to invest in growth initiatives,” the company stated.</p><p dir="ltr">Strategic Changes Lead to Growth</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/one-global-market/">One Global Market or OCM </a>operates as a broker with the authorization of the Financial Conduct Authority in the UK. It primarily offers online forex and CFDs instruments of several asset classes and targets <a href="https://www.financemagnates.com/forex/analysis/the-confusion-of-client-categorisation-needs-to-be-addressed/">retail and professional clients</a>.</p><p dir="ltr">As the broker highlighted, it generates revenue from three sources: spread markups, commissions, and swap premiums. It operates on an agency brokerage model, and thus its revenue entirely depends on the clients’ trading volume. </p><p dir="ltr">“In 2023, OGM experienced a significant turning point as it underwent a change in control, a process that was approved and finalized by year-end. This change brought new shareholder, fresh perspectives, and a strategic vision to the organization. With a renewed sense of purpose and direction,” the filing added.</p><p dir="ltr">“As OGM ends a transformative year. It strengthened its leadership team to focus on growth and compliance, especially the consumer duty to set the stage for 2024. The company is well-prepared to navigate future challenges and capitalize on opportunities in the financial industry, promising continued success in the year ahead.”</p>

This article was written by Arnab Shome at www.financemagnates.com.