Exclusive: ICM Capital Ltd posts £1.1M loss in 2021 as client assets fall
FNG Exclusive… FNG has learned that FCA licensed Retail FX broker ICM Capital Ltd has seen a decrease in revenues and client assets in 2021, and the company operated at a loss for the year.
Overall, ICM Capital, which operates the icmcapital.co.uk website, actually booked negative revenues for the year of -£194,000, versus £2.6 million in 2020. That was an accounting anomaly, as revenues (or “Turnover”) at ICM is composed of retail market-making profits earned from trading in spot foreign exchange and CFDs. Gains and losses are recognised on closed positions as they occur and on open positions using a mark-to-market valuation.
Admin expenses at ICM Capital were fairly flat from 2020 at £3.85 million, and the company posted a net loss for the year of £1.12 million, versus a modest profit of £177,000 in 2020.
Client money held by ICM Capital fell in 2021 by 30%, totaling £4.27 million versus £6.09 million the previous year.
ICM Capital management noted that the company has continued to shift its focus towards an institutional offering, and as of February 2022 the company has withdrawn from retail activity and is now focused on professional clients.
ICM Capital Ltd is controlled by founder and CEO Shoaib Abedi, via Luxembourg holding company ICM Holding SARL.
ICM Capital’s 2021 income statement and balance sheet follow: