INFINOX UK confronts financial challenges in 2023, witnessing a sharp drop in profits. Despite headwinds, the broker eyes strategic growth in 2024.

Infinox

Forex broker INFINOX UK reported a challenging financial year in 2023, witnessing a significant drop in gross profit from £8.55 million to £3.59 million, reflecting a 60% YoY decline. The UK-based broker experienced a net loss of £5.4 million, a stark contrast to the previous year's profit of £1.34 million.

Despite these setbacks, the total value of client assets under management increased by 8.5%, reaching £15.52 million. Amid challenging market conditions, this FCA-regulated broker expressed confidence in its operational efficiency and strong product offering.

The Managing Director, Jay Mawji, emphasized the company's resilience, citing record key performance indicators (KPIs) in 2022, including volume traded, deposits, funds under management, and overall revenue. Mawji highlighted a strategic restructuring in 2023 to enhance business efficiency and focus on the core business model.

During 2022, this multi-asset broker experienced robust client acquisition, with new accounts increasing by over 215% year-on-year. The introduction of the IXO Prime brand contributed to record revenues throughout the fiscal year.

IXO Prime, a multi-asset liquidity solution, offers a diverse range of trading instruments and additional benefits, such as technology features, white-label offerings, and the IXO Position Keeper.

Looking ahead to 2024, this low-spread broker plans to unveil new products, partnerships, and acquisitions resulting from investments in vertical and horizontal structures. Through this INFINOX news, you can understand that despite financial challenges in 2023, the broker remains resilient, focusing on strategic restructuring and confidence in its robust operational model.