FCA licensed Retail FX and CFDs broker LandFX has filed its financial results for 2023, indicating a sharp decline in activity, but still on a very small scale.
Revenues at LandFX UK Limited, which operates the Land-FX brand at website land-fx.co.uk, decreased by 27% in 2022 to £598,193, down from £823,595 in 2022. Net profit came in at £55,033 for 2023, versus £46,516 the previous year.
The company’s main source of revenue is commission charged, based upon the volume of trades carried out by the company’s clients. During the year, LandFX said it has primarily focused on servicing its existing client base. At the year end the company had net assets of £526,566. The directors are forecasting the company result for 2024 to be a break even position based on the current trading conditions in 2024.
London based Land-FX, which focuses mainly on servicing Asian traders, was established in 2016 by Korean-American entrepreneur Jinsoo (Sean) Park, who had previously resided in Silicon Valley and run a VC-backed mobile games developer called Ender’s Fund. Mr. Park had also been CEO of a stock trading simulation website called Zoodak.
