Retail broker FxPro, based in London and UAE, published its comprehensive financial results for 2022, reporting an increase in revenue but a deepened net loss of £614,558. However, the company reported that it has achieved its goals, including increased notional trading volumes and greater retail client activity.
FxPro UK Limited's gross revenues rose by nearly 20% from £936,805 in 2021 to £1.11 million last year, according to the Companies House filing. Higher marketing costs and "other losses" caused the company to fail to turn a profit for the second year in a row. In addition, the net loss deepened by almost 13% to £614,558 compared to £545,567 in 2021. This compares to the company's accumulative net profit of £466,597 in 2020.
According to the company's comments, its several key performance metrics improved, particularly notional trading volume, which grew by 8% to $41 billion in 2022, compared to $38 billion reported in the prior year. The company attributed the revenue growth primarily to the impact of the Russian invasion of Ukraine, which led to significant market volatility and increased trading activity in 2022.
"The increase in revenue was mainly driven by the effects of the Russian invasion in Ukraine, which caused significant market volatility and thus increased trading activity in 2022," the company commented in the official statement.
The company's report also cites a decline in its net asset value, from a reported £4 million in 2021 to £3.41 million in 2022.
In June, FxPro opened a new office in Dubai, United Arab Emirates (UAE), in order to provide closer service to its retail and institutional clients in the region.
Two months after announcing its new Dubai office, FxPro officially relocated its operations to the UAE. The company announced the relocation in August and said that the move is part of its ongoing commitment to expand its business activities in the Middle East and North Africa (MENA) region.
(Source: Finance Magnates)