The UK branch of the popular online trading specialist FXTM reported its financial results for the year ending on December 31, 2022.

While revenue slightly decreased from £1.79 million to around £1.68 million compared to the previous year, the company saw an impressive 1,902% increase in profits, with a total profit of £319,251, a substantial rise from £16,778 in 2021.

A significant portion of this profit increase, £258,111, came from one-time investments received by the company the previous year. Additionally, FXTM successfully reduced its administrative costs from £1.79 million to £1.61 million, as well as other costs from £19,314 to £9,153. However, the company experienced a drop in other income in 2022, which decreased to £7,214 from £35,729.

Exinity UK, founded in February 2017, obtained a license from the Financial Conduct Authority (FCA) in April 2018 after a year of thriving as a trading platform provider. Over the years, the platform's performance and other metrics have significantly improved.

Furthermore, the company added 710 new accounts in the previous year, with 370 fully funded. In the same year, the company opened 363 accounts, and 204 were funded by the end of the year.