USG UK Turns Profits in FY21, Generates £1.27 Million in Revenue

The broker was previously operating under the brand USGFX.

It was the first full-year financials from its UK operations.

The UK subsidiary of the broker launched its services in January 2020, meaning the latest figures were its first full-year reporting. In the few months of operations in the previous year, it generated £63,064 in revenue.

Additionally, the broker ended the last financial year with a net profit of £93,830, compared to a loss of £347,572 in the previous year.

Putting Controversies Behind

This broker is a very controversial one, especially after the shuttering of its Australian operations in 2020. That business is now under the control of court-appointed administrators, who are receiving claims from creditors.

Despite the troubles in Australia, the broker continued to operate under its international subsidiaries. It even moved its headquarters from Australia to the United Kingdom. Last year, the broker even rebranded probably to distance itself from the now-tainted USGFX brand.

The broker offers regulated financial services, including trading with forex and CFDs. Apart from the UK, it is regulated in South Africa as well as St. Vincent and the Grenadines. Though a majority of its clients are from the retail space, it also serves professional clients.

“Clients are namely from the United Kingdom, but the firm also offers its services to other 3rd country jurisdictions in compliance with FCA and ESMA guidelines,” the filing stated. “The firm will continue to grow the business organically, building the client base and further improving the client on-boarding experience and entire customer journey.”

“Going forward we plan to enhance our processes, the customer journey, the spreads we offer across all markets. We look to maintain and build relationships with trusted partners who will play a vital role in improving the services we offer to our clients.”