ThinkMarkets Publishes 2022 Revenue Report with Mixed Numbers
ThinkMarkets has unveiled its financial results for the fiscal year ending on December 31, 2022. The report reveals that the broker encountered a blend of results in various aspects over the year.
The UK-based broker subsidiary, ThinkMarkets, has disclosed mixed revenue results for 2022. While ThinkMarkets achieved modest revenue growth during the year, with net revenue increasing by 3.14% from £2.74 million, it also faced challenges.
Operating profit, unfortunately, took a hit, declining by 7% to £232,025 due to rising administrative costs, which climbed to £2.59 million from £2.49 million in the previous year.
Falling Net Profit
Net profit also dipped this year, falling from £304,988 to £287,584, marking a nearly 6% decrease. However, there is some positive news in the mix. The multi-asset broker's net asset value grew, increasing from £3.17 million in 2021 to £3.46 million in 2022.
According to TF Global Markets (UK) Limited's latest report, ThinkMarkets' 2022 revenue came from clearing trades with its parent company in Australia. The report indicates that £2.8 million of the total proceeds operate on a cost-plus basis under the agreement terms between the two companies.
While net profit showed a modest decline this year, the increase in net asset value is a promising indicator of the broker's growth and future success.
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