One Global Market (OGM), a United Kingdom-registered contracts for differences (CFDs) broker operator, wrapped up its fiscal year on September 30, 2023, with an impressive turnover of £791,791.
This figure marked a staggering 213 percent increase from the previous year, showcasing OGM’s remarkable financial performance.
OGM’s success can be attributed to its dedicated Forex cloud solutions, featuring stable and rapid cross-border connections, capable of handling high-demand scenarios with ease.
However, this substantial boost in revenue also led to an increase in sales costs, which rose to £123,677 from £38,290.
Despite this surge, OGM achieved a gross profit of £668,114, marking an impressive 212 percent increase.
Simultaneously, the administrative expenses of the London-based company also saw a significant uptick, soaring to £520,304 from £181,496, indicating a notable 187 percent rise.
Factoring in other income and expenditures, the pre-tax and net profits both landed at £147,813, reflecting a remarkable year-on-year surge of approximately 350 percent, as reported in the latest Companies House filing.
OGM enthusiastically commented on its financial achievements, stating, “2023 proved to be a profitable year for OGM.
This financial success laid a solid foundation for the company’s future endeavors, providing the financial stability needed to invest in growth initiatives.”
Operating under the authorization of the Financial Conduct Authority in the UK, One Global Market (OGM) functions as a broker primarily specializing in online forex and CFDs instruments spanning various asset classes. OGM’s clientele includes both retail and professional clients, and it generates revenue through three main sources: spread markups, commissions, and swap premiums.
Its revenue model revolves around an agency brokerage structure, relying entirely on clients’ trading volume for income.
In a significant development during 2023, OGM underwent a change in control, a process that gained approval and was finalized by year-end.
This transition introduced new shareholders, fresh perspectives, and a strategic vision for the organization.
With renewed purpose and direction, OGM strengthened its leadership team to focus on growth and compliance, particularly the consumer duty, setting the stage for 2024.
The company is now well-prepared to navigate future challenges and seize opportunities in the financial industry, ensuring continued success in the year ahead. OGM’s commitment to excellence and adaptability underscores its determination to remain a prominent player in the global financial market.