FxPro UK Rebounds to Profit, Boosted by 23% Revenue Growth
London-based retail broker FxPro UK has released its
financial report for the year ended December 2023, as published by Companies House UK. The report shows that the company bounced back to profitability, boosted by a double-digit revenue growth.
FxPro moved from a loss of £614,558 in the preceding year to
a profit of £153,103. The retail broker also managed to turn around an
operating loss of £611,497 to a profit of £93,283. Although the company’s distribution
costs increased from £212,780 to £331,517, FxPro managed to reduce
administrative expenses from £1,511,382 to £1,182,292.
Adequate Capital Resources
“Trading revenue arises from the provision of online
financial services in the ordinary course of the company’s activities – clients’
trading in CFDs and financial spread betting – whereby the company acts as a
counterparty to trades undertaken by its clients,” FxPro explained.
“The company held adequate capital resources and did not
breach any regulatory capital requirements during the year. No change in the
authorized or issued share capital of the company took place during the year
ended December 31.” The company plans to offer physical shares this year in addition to the CFD offerings.
FxPro UK also increased its total assets, less current liabilities, during this period, moving from £3,408,342 to £3,561,445. The company also increased its cash reserves from £2.6 million to £3.6
million, increasing the total assets excluding liabilities by 4%.
FxPro Expands Services
Last year, FxPro launched a new office in Dubai to
enhance its services for regional retail and institutional clients. The firm
opened a representative office in Dubai the previous year, shortly after
unveiling its services in the Bahamas.
FxPro opened offices in London, Cyprus, and Monaco previously. The retail broker has also secured regulatory licenses from the
Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and
the Financial Conduct Authority of South Africa.
The company is also expanding its services to the
fast-growing crypto space. Last year, it added crypto to its cTrader accounts.
This offering enables traders to log in to their cTrader accounts and open new
accounts under their profile. Some of the tokens currently support Bitcoin,
Ethereum, and Ripple tokens on cTrader. The cryptos are part of several
contracts for differences offered by the firm 24/7.
This article was written by Jared Kirui at www.financemagnates.com.
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