ThinkMarkets UK Reports Net Revenue Increase in 2022

ThinkMarkets' UK subsidiary has released a report summarizing its financial performance for 2022, showing a slight increase in revenue to £2.8 million. However, the final net profit was down from the figure in 2021, at £287,584.

The net revenue of the broker increased by 3.14% from £2.74 million. However, the operating profit decreased by 7% to £232,025 due to the increased administrative costs, which increased to £2.59 million from £2.49 million in the previous year.

Ultimately, net profit fell from £304,988 in 2021 to £287,584 in the current year, a drop of almost 6%. However, the net asset value owned by the broker has increased: from £3.17 million in 2021 to £3.46 million in 2022.

TF Global Markets (UK) Limited receives authorization from the Financial Conduct Authority (FCA) under license number 629628 to operate ThinkMarkets in the UK.

"The Company's business developed in line with the board's expectations and the results for the year and the financial position at the end were considered satisfactory given industry conditions and general economic uncertainties," commented Amin Adat, the Director of Finance at ThinkMarkets UK.

(Source: Finance Magnates)