FXOpen's FY22 Revenue Up 5.5%, Loss Narrowed

The UK-based parent company of Forex and contracts for difference (CFDs) brokerage brand FXOpen, has published its financial results for the fiscal year ending December 31, 2022, with a turnover of £645,643 and a net loss of £338,651.

According to a recent filing with Companies House, the broker operator's turnover increased by 5.5% in 2022. However, gross profit fell by 3.2% to £436,452 as the cost of sales increased from £161,488 to £209,191.

Meanwhile, the broker's administrative costs fell from £870,252 to £777,878. As a result, the company's operating loss of £341,426 was narrower than the previous year's £420,035.

Taking into account interest income and expenses, the brokerage operator reported a net loss of £338,651, a 20% decrease from £403,487. However, it gained ₤40,717 from forex profits, bringing the total consolidated loss down to ₤297,934 from ₤456,913 in the previous year.

“The results for the year and the financial position at the year-end represent tough market conditions. During the course of 2022, the group maintained its client base in the UK and other markets. Improvement in turnover, as compared to 2021, reflected an increased client base,” the Companies House filing stated.

FXOpen offers retail trading services in currency pairs, equity CFDs, indices, commodities, and other asset classes. Its main revenue comes from trading commissions and is directly dependent on trading volumes on its platform.

(Source: Finance Magnates)