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 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.
“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.”
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%.
Expect ongoing updates as this story evolves.
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 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.
“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.”
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%.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
