Exclusive: Tavira Securities sees 48% increase in 2022 Revenues to £24M
FNG Exclusive… FNG has learned that London based, FCA regulated agency broker and execution specialist (and budding CFDs broker) Tavira Securities saw a healthy increase in activity in FY 2022 (year ended March 31, 2022), reporting a 48% increase in Revenues, at £24.0 million versus £16.2 million in 2021.
However an increase in Tavira’s cost-of-sales and admin expenses meant that the company saw a decrease in Net Profit, at £435,000 versus £909,000 last year.
Tavira Securities was founded in 2005 and is still run by controlling shareholder and CEO Eliot Goodfellow, who was previously Refco’s Head of Equity Derivatives. The company acts as an agency broker and investment manager specialising in global execution and investment management. We reported earlier this year that the company hired longtime FX industry executive Andrew Gibson, to help Tavira build an FX and CFDs brokerage business out of Dubai.
Tavira said that while it saw a reduction in traditional brokerage revenues (-7%) in 2022, more than compensating were significant increases in Contracts for Difference (+231%) and Custody & Clearing (+145%). Both of these businesses were conceived in 2019, and whilst they have steadily grown since then, the rise during the financial year is reflective of the markets recovering post-pandemic, and also a determined effort by the company to expand its client base and the services it can offer.
The company’s asset management business has also experienced growth (+49%), both organically and through expansion. Existing fund AUM almost doubled year on year, resulting in increased revenues (+34%), whilst the launch of new funds and the provision of regulatory & administrative services to a wider client base has broadened its scope and potential.
Tavira’s 2022 income statement and balance sheet follow.