Brokerage group Axi posted financial results for its UK entity on Tuesday morning.
The company reported top line revenue of $59.3m for the 12 months to the end of June 2025, up 56.1% year on year.
Net income rose to $10.2m for the period – a huge increase on the $2.4m figure in 2024.
However, those headline figures are somewhat misleading, with Axi seemingly using its local entity largely as a place to provide services – presumably via its local trading desk – to other group entities.
Indeed, the company states that $55.4m in revenue came from providing intracompany services to its parent company. That means over 93% of UK revenues were not coming from local customers.
That is reflective of the tax efficiency gains the company is likely seeking to make via its operations in the country.
At the end of the accounting period, Axi UK had an outstanding debt of just over $390m to the company’s entity in St Vincent and the Grenadines.
The UK company was itself owed $323m from entities in Singapore and Australia.
That probably reflects a strategy of shifting earnings to other entities for tax efficiency.
