The United Kingdom-based parent of FXOpen, a forex and contracts for differences (CFDs) broker brand, published the financials for the fiscal year that ended on 31 December 2022, reporting a turnover of £645,643 and a net loss of £338,651.
According to the recent Companies House filing, the turnover of the brokerage operator increased by 5.5 percent in 2022. However, with an increased sales cost from £161,488 to £209,191, the gross profit declined by 3.2 percent to £436,452.
Meanwhile, the administrative costs of the broker declined from £870,252 to £777,878. With this, the operating loss of the company came in at £341,426, narrowing down from the previous year’s £420,035.
After considering income and expenses from interests, the brokerage operator reported a net loss of £338,651, 20 percent down from £403,487. However, it further gained £40,717 from foreign exchange profits, lowering the total comprehensive loss to £297,934 compared to £456,913 in the previous year.
“The results for the year and the financial position at the year-end represent tough market conditions. During the course of 2022, the group maintained its client base in the UK and other markets. Improvement in turnover, as compared to 2021, reflected an increased client base,” the Companies House filing stated.
Income statement of FXOpen Ltd & Subsidiary
Expansion Is Underway
FXOpen offers retail trading services with currency pairs and contracts for differences (CFDs) of stocks, indices, commodities, and a few other asset classes. Its primary source of revenue is from the commission charged on trades and is thus directly dependent on trading volumes on its platform.
“As a part of its corporate strategy, the group continued to expand its client base in the UK and the rest of the world.” Meanwhile, the expansion within the European Union is being carried out by the Cyprus-registered entity FXOpen EU Ltd.
“Though its group structure, the board is confident in expanding its client base, professional and retail,” the filing added.
The United Kingdom-based parent of FXOpen, a forex and contracts for differences (CFDs) broker brand, published the financials for the fiscal year that ended on 31 December 2022, reporting a turnover of £645,643 and a net loss of £338,651.
According to the recent Companies House filing, the turnover of the brokerage operator increased by 5.5 percent in 2022. However, with an increased sales cost from £161,488 to £209,191, the gross profit declined by 3.2 percent to £436,452.
Meanwhile, the administrative costs of the broker declined from £870,252 to £777,878. With this, the operating loss of the company came in at £341,426, narrowing down from the previous year’s £420,035.
After considering income and expenses from interests, the brokerage operator reported a net loss of £338,651, 20 percent down from £403,487. However, it further gained £40,717 from foreign exchange profits, lowering the total comprehensive loss to £297,934 compared to £456,913 in the previous year.
“The results for the year and the financial position at the year-end represent tough market conditions. During the course of 2022, the group maintained its client base in the UK and other markets. Improvement in turnover, as compared to 2021, reflected an increased client base,” the Companies House filing stated.
Income statement of FXOpen Ltd & Subsidiary
Expansion Is Underway
FXOpen offers retail trading services with currency pairs and contracts for differences (CFDs) of stocks, indices, commodities, and a few other asset classes. Its primary source of revenue is from the commission charged on trades and is thus directly dependent on trading volumes on its platform.
“As a part of its corporate strategy, the group continued to expand its client base in the UK and the rest of the world.” Meanwhile, the expansion within the European Union is being carried out by the Cyprus-registered entity FXOpen EU Ltd.
“Though its group structure, the board is confident in expanding its client base, professional and retail,” the filing added.
