FxPro UK Revenue Rises by 20% Despite Net Loss

<p>London and
UAE-based retail broker FxPro has just published a comprehensive financial
report for 2022, showing a revenue increase while deepening its net loss to
£614,558. However, the company reports achieving its goals, including increased
notional volume traded and greater retail customer activity.</p><p>FxPro Reports Higher
Revenue and Trading Volume but Increased Net Loss</p><p>According
to the report released under the UK's Companies House, the total revenue of
FxPro UK Limited rose by nearly 20% from £936,805 <a href="https://www.financemagnates.com/forex/brokers/fxpro-uk-turns-losses-amid-48-revenue-drop-in-2021/" target="_blank" rel="follow">reported in 2021 </a>to £1.11
million last year. Higher <a href="https://www.financemagnates.com/terms/m/marketing/">marketing</a> costs and "other losses" led to
the company's failure to achieve profitability for another consecutive year.
Moreover, the net loss deepened by almost 13% to £614,558, compared to £545,567
reported in 2021. For comparison, the company accumulated a net profit of £466,597 <a href="https://www.financemagnates.com/forex/brokers/fxpro-uk-reports-466597-in-net-profit-for-2020/" target="_blank" rel="follow">in
2020</a>.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/FxProGlobal?ref_src=twsrc%5Etfw">@FxProGlobal</a> <a href="https://twitter.com/FxPro_EU_UK?ref_src=twsrc%5Etfw">@FxPro_EU_UK</a> reports higher revenues, and higher net loss in 2022. <a href="https://t.co/EoaTtFdOoy">pic.twitter.com/EoaTtFdOoy</a></p>— Damian Chmiel (@ChmielDk) <a href="https://twitter.com/ChmielDk/status/1709460743114870804?ref_src=twsrc%5Etfw">October 4, 2023</a></blockquote><p>Based on
the company's comments, it improved several Key Performance Indicators,
particularly in the notional volume traded. The indicator increased 8% in
2022 to $41 billion, compared to $38 billion reported in the previous year. The
company attributed the increase in revenue primarily to the impact of the
Russian invasion of Ukraine, which led to significant market volatility and
increased trading activity in 2022.</p><p>"The
increase in revenue was mainly driven by the effects of the Russian invasion in
Ukraine, which caused significant market <a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> and thus increased trading
activity in 2022," the company commented in the official statement.</p><p>The report
also mentioned a decline in the company's net asset value, which shrank from £4
million reported in 2021 to £3.41 million in 2022.</p><p>FxPro Expands to Dubai</p><p>In June,
<a href="https://www.financemagnates.com/forex/brokers/fxpro-unveils-new-dubai-office-amid-regional-expansion/" target="_blank" rel="follow">FxPro opened a new office in Dubai</a>, United Arab Emirates (UAE), to bring its
services closer to its regional retail and institutional clients. According to
the company's LinkedIn announcement, the new location is Office 101, Building
2, BaySquare, Downtown Dubai. Last year, FxPro opened a representative office in Dubai, shortly after entering the Bahamas. The company is eager to
grow geographically and establish strong relationships with its customer base.</p><p>Additionally,
two months after revealing its new Dubai office, <a href="https://www.financemagnates.com/forex/fxpro-relocates-to-dubai-in-mena-market-dash/" target="_blank" rel="follow">FxPro officially moved its
operations to the UAE</a>. The company announced the relocation in August, stating
that the move is part of its ongoing commitment to expand its business
activities in the Middle East and North Africa (MENA) region.</p>

This article was written by Damian Chmiel at www.financemagnates.com.