ThinkMarkets has disclosed its financial results for the year which ended on December 31, 2022. The report shows the broker experienced mixed outcomes in specific areas throughout the year.
The UK subsidiary broker, ThinkMarkets, has reported mixed results for its revenue for 2022. During the year, ThinkMarkets showed a minimum growth in revenue. The net revenue of the broker increased by 3.14% from £2.74 million. Unfortunately, the operating profit decreased by 7% to £232,025 due to the increased administrative costs, which rose to £2.59 million from £2.49 million in the previous year.
A slight decline also appears in net profit this year, with the numbers falling from £304,988 to £287,584, a drop of almost 6%. However, there is some good news to report as well. The net asset value owned by the broker has increased, rising from £3.17 million in 2021 to £3.46 million in 2022.
Based on the latest report of TF Global Markets (UK) Limited, a significant portion of ThinkMarkets' revenues in 2022 came from clearing trades with its parent company in Australia. The report shows that £2.8 million of the total proceeds is on a cost-plus basis under the agreement terms between the two companies. It's important to remember that while the company experienced a slight decline in net profit this year, the net asset value has increased, which is a positive sign for its growth and success.
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