The UK arm of Australian FCA-regulated broker Axi, Axi Financial Services (UK) Limited, has reported its financial performance in its FY 2023 report.

According to Axi UK's report, the company has seen significant growth in client activity over the past year and has increased its profits compared to previous forecasts.

In 2023, Axi UK's turnover reached $27.5 million, significantly higher than the previous year's turnover of $13.1 million. Excluding expenses, Axi UK's net profit was $2.1 million, up from a profit of $1.9 million in 2022. The company's operating income was $2.217 million, compared with $2.067 million in 2022.

According to the report, Axi UK saw a slight decrease in user funds to $19.7 million at the end of 2023 from $20.0 million in 2022.

Axi UK is licensed by the UK regulator FCA and is run by a team of executives led by CEO Rajesh Yohannan, who took over the company in 2022.

In 2023, Axi UK will become the sponsor of the Manchester City women's team, continuing its successful partnership with EPL football club Manchester City.