FxPro UK reported a significant 20% growth in annual revenue to £1.11 million in 2022. However, its net profit saw a loss of £614,558.
FxPro UK Limited has recorded progressive growth in annual revenue in 2022 while deepening its net loss of £614,558. This figure is reasonable considering that FxPro consistently increases transaction volume and strengthens retail customer activity in a competitive market environment.
The fintech company increased its revenue gradually, reaching £1.11 million in the 2022 fiscal year, almost 20% compared to £936,805 in the previous year. Several performance indicators also showed improvement, including notional trading volume, which increased 8% to $41 billion in 2022.
However, according to a report published by the UK Companies Authority, there used to be a notable growth trend in marketing and other operational costs preventing the company from achieving consecutive profits. Net losses in 2022 increased to £614,558, up 13% compared to the previous year, £545,567. The multi-regulated broker also highlighted a net profit of £466,597 in 2020.
Subsequently, this trend attributed to more trading activity considering the panicked response of investors to the Russian-Ukrainian invasion, leading to market volatility and increased trading activity in 2022, along with low market moves. The report also highlights that the net asset value has dropped progressively from the reported £4 million in 2021 to £3.41 million in 2022.
"The impact of the Russian invasion of Ukraine has exhorted the revenue incline and gave rise to significant market volatility, thereby increasing trading activity in 2022," the broker commented.