Pre-tax earnings for the year totaled £32,881, a decrease caused by a decrease in trading activity.
At the end of the financial year ending on 30 September 2022, OGM, a firm that assists customers in trading OTC products, recorded a decrease of 15.5 percent in its earnings to £252,667. Although this was a decrease from the year prior, the company still managed to make a pre-tax profit of £32,881, compared to a pre-tax loss of £175,290 in the year before.
OGM, which holds a license from the UK Financial Conduct Authority (FCA), provides online FX and CFDs trading, as well as related services, to both retail and professional customers.
The broker earns income from spread markups, commissions, and swap premiums associated with the trading volume of its platforms.
The latest figures show that revenue is much lower than the £432,491 generated in the fiscal year 2020, due to the pandemic’s effects on the market. However, the broker ended up in losses that same year.
In the fiscal year 2022, OGM experienced a decrease in income due to some of its high-volume customers pausing their trading activity. As a result, the broker’s cost of sales plummeted to £38,290 from the previous year’s £106,719. Its administrative expenditure also decreased to £181,496 from £366,961 by canceling unnecessary services.
The filing, added:
OGM’s continues its push to broaden its offering by partnering with key partners that offer technology to OGM, help reduce the administrative fees and broaden its offering further. The directors consider these partnerships key to [growing] the business for 2023 and beyond and will have a more stable revenue trajectory
To expand their business and generate more income, the broker intends to bring on board a large number of customers over the course of the current fiscal year.
