One Global Market (OGM), a UK-based contract for differences (CFDs) broker, concluded its fiscal year on 30 September 2023 on a high note, reporting a turnover of £791,791. This figure marks a significant 213% increase from the preceding year.
The surge in revenue also led to a rise in the sales cost, which escalated to £123,677 from the previous year’s £38,290. Consequently, the gross profit soared to £668,114, registering a 212% increase. The London-based company also witnessed a substantial hike in administrative expenses, which jumped 187% to £520,304 from £181,496.
Upon accounting for other incomes and expenditures, both the pre-tax and net profits stood at £147,813. This represents an impressive year-on-year growth of about 350%, as noted in the latest filing with Companies House.
“2023 proved to be a profitable year for OGM. This financial success laid a solid foundation for the company’s future endeavours, providing the financial stability needed to invest in growth initiatives,” the company remarked.
One Global Market, also known as OGM, operates under the authorisation of the UK’s Financial Conduct Authority. The broker specialises in offering online forex and CFDs across various asset classes, catering to both retail and professional clients.
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The company generates income through spread markups, commissions, and swap premiums, relying on an agency brokerage model. This model ties the company’s revenue directly to the trading volume of its clients.
“In 2023, OGM experienced a significant turning point as it underwent a change in control, a process that was approved and finalised by year-end. This change brought new shareholders, fresh perspectives, and a strategic vision to the organisation. With a renewed sense of purpose and direction,” the filing detailed.
“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 capitalise on opportunities in the financial industry, promising continued success in the year ahead.”
