Today's forex broker news comes from prominent forex broker Admirals UK, which reported a marginal 2.2% decrease in sales turnover for the fiscal year 2022, totaling £6.04 million. Despite this dip, the broker showcased resilience, disclosing a noteworthy net profit of €23.5 million in its financial results concluding on December 31, 2022.

While the UK group's operating costs saw a slight increase from £5.81 million to £6.14 million, resulting in an operating loss of £102,912, the pre-tax loss reached £267,147 when factoring in interest payments. Admirals UK posted a net loss of £290,778, a significant contrast to the £22,261 loss in 2021. In contrast, the Estonia-based company, offering a diverse range of over 8000 instruments, achieved a historic financial milestone with a net profit of €23.5 million in 2022.

Admirals UK managing director Robert Shadforth said, "Considering industry competition and regulation, our business is in line with its expectations for results in the 2022 period, classified as very satisfactory. Our strategy of diversification and inclusion has proven to be a sensible choice."

Moreover, recent reports highlight a modest 30% decrease in active accounts within UK entities and a 25% reduction in total deposits, attributed to the repercussions of Brexit.

"We achieved the most successful year in its 22-year history in net sales, net income, and solid customers. We are trying to achieve our 2030 vision, achieving economic freedom for 10 billion communities," added Shadforth.