ParFX Posts 20% Profit Rise, Bucking UK Industry Trend

<p>ParFX, a
wholesale electronic spot FX trading operator run by <a href="https://www.financemagnates.com/tag/tradition/" target="_blank" rel="follow">Compagnie Financière
Tradition</a>, recently disclosed its 2022 financial figures. Although the report
indicated a modest decline in turnover from $5.84 million to $5.58 million
compared to 2021, both operating and net profits were up. Net profit for the
year after tax totaled $1.72 million.</p><p>ParFX Reports an Increase in 20% Profit</p><p>ParFX (UK)
Limited released its financial results last week, reporting a modest decline in
turnover from $5.84 million to $5.58 million last year. However, the company
managed to reduce administrative costs, which resulted in an operating profit
of $2.13 million, up from $1.82 million. This
allowed the firm to achieve a net profit for the whole of 2022 that was 20%
higher than the $1.47 million reported in 2021, ultimately earning $1.72
million.</p><p>"The
company continues to attract new prime clients and strengthen the platform's
global distribution network. In addition, founder members have agreed to extend
the minimum brokerage fee for another twelve months, stabilizing further the
revenue run rate," the company commented in the official filing.</p><p>ParFX aims
to continue expanding its global distribution network this year and in the
coming years. It also plans to grow its FX electronic trading community as part
of the Tradition brand. Compagnie
Financière Tradition published its own 2022 results much earlier, back in March
2023. According to the report, the company achieved a net profit of CHF 89.1
million, which was 40.3% higher in constant currencies and 36.5 percent higher
in current currencies.</p><p>A Mixed Financial Season
for UK Companies</p><p>As the
deadline for submitting 2022 financial reports approaches, numerous financial
sector companies, including those in the FX industry, have disclosed their
results. Many have shown rising revenues but declining profits or no
profitability at all. ParFX appears to be an exception in this pattern. </p><p>Other
companies like <a href="https://www.financemagnates.com/forex/xm-and-tradingcom-operator-reports-109-million-net-loss-in-2022-despite-higher-revenues/" target="_blank" rel="follow">Trading Point of Financial Instruments UK Limited</a> reported a net
loss of £1.09 million in 2021 despite higher revenues. <a href="https://www.financemagnates.com/forex/fxpro-uk-revenue-rises-by-20-despite-net-loss/" target="_blank" rel="follow">FxPro revealed</a> an
increase in revenue but a deepening net loss of £614,558 for 2022. </p><p>Beeks
Financial <a href="https://www.financemagnates.com/terms/c/cloud/">Cloud</a> Group plc also <a href="https://www.financemagnates.com/institutional-forex/beeks-revenue-soars-to-238-million-but-where-did-the-profit-go/" target="_blank" rel="follow">showed an improvement of 22%</a> in revenue and a rise of 23% in Annualized Committed Monthly Recurring Revenue (ACMRR) but posted an
operating loss of £331,000. <a href="https://www.financemagnates.com/forex/hantec-markets-struggles-to-turn-7-higher-revenue-into-profit-in-2022/" target="_blank" rel="follow">Hantec Markets' UK branch</a> reported a boost of 7% in
revenue to £5.76 million but failed to maintain profitability, posting a net
loss of £83,968 for the reported period.</p>

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