The parent company of forex broker FXOpen, based in the United Kingdom, has reported its financial performance for the fiscal year ending on 31 December 2022. Despite facing challenging market conditions, the company demonstrated its resilience, recording a 5.5% increase inrevenue and generating a total turnover of £645,643.
Despite experiencing a decline in gross profit of 3.2% to £436,452, the company demonstrated effective cost management by reducing administration costs from £870,252 to £777,878. This strategic approach managed to reduce losses to £341,426.
The overall net loss for forex broker FXOpen, which includes income and costs from interest, amounted to £338,651, down 20% compared to with the previous year. Notably, foreign exchange gains played an important role in mitigating the impact as they contributed to a total comprehensive loss of £297,934, compared to £456,913 reported in the previous year.
In a filing with Companies House, the low spread broker attributed the increase in turnover to the expansion of its client base, acknowledging the volatile market conditions in 2023.
Remaining committed to its corporate strategy, the company is actively pursuing growth its UK and global client base. Special efforts are being made in the European Union, facilitated through the Cyprus-registered entity FXOpen EU Ltd.
Expressing confidence in its strategic vision, the filing emphasizes forex broker FXOpen's dedication to expanding its client base, serving both professional and retail segments.
In additional forex broker news, FXOpen reports merger of 19 funds
See also:
FXOpen is an experienced broker with the advantages of ECN accounts, swap-free, various trading contests, and liquidity transparency. This broker is also one of the pioneers in crypto CFD trading.