FXOpen UK parent reports a 5.5% revenue increase and reduced losses in FY22, driven by strategic expansion amid market challenges.
The UK-based parent company of forex broker FXOpen has revealed its financial performance for the fiscal year ending December 31, 2022. Despite challenging market conditions, the company demonstrated resilience, achieving a 5.5% increase in revenue with a turnover of £645,643.
Despite a gross profit decline of 3.2% to £436,452, the administrative costs saw a decrease from £870,252 to £777,878, leading to a narrowed operating loss of £341,426.
Forex broker FXOpen's overall net loss, including income and expenses from interest, amounted to £338,651—a 20% reduction from the previous year. Foreign exchange profits mitigated the impact, bringing the total comprehensive loss to £297,934 compared to £456,913 in the prior year.
In a Companies House filing, this low-spread broker attributed the improved turnover to an expanded client base, noting the challenging market conditions in 2022.
The company remains focused on its corporate strategy, actively expanding its client base in the UK and globally, with specific efforts underway within the European Union through its Cyprus-registered entity FXOpen EU Ltd.
Expressing confidence in its strategic vision, the filing emphasized the board's commitment to expanding its client base, catering to both professional and retail segments.
In other forex broker news, FXOpen reported adding 19 exchange-traded funds (ETFs) as Contracts for Difference (CFDs), with 17 sourced from the New York-based Global X and the remaining 2 from iShares, a BlackRock ETF product range.