Valutrades Reports Net Loss of £3.8 Million in 2023

UK-based forex broker Valutrades has filed its financial report for 2023 with Companies House, reporting significant losses in key performance indicators ended 31 December 2023.

In 2023, Valutrades generated revenues of £1,522,643, a decrease of nearly 77%, £4,966,376 lower than £6,489,019 reported in 2022. The company incurred a gross loss of £387,418 compared to a gross profit of £3,572,778 reported in 2022. Profit before tax also shifted from a positive £551,709 to a negative £3,720,656. The final net loss for the 2023 financial year amounted to £3,823,563.

Retail client funds held by Valutrades have also fallen by almost £1.4 million. In 2022, this was £3,365,158, whereas it is down to less than £2 million in 2023.

“2023 was a challenging year for Valutrades with market volatility confined to large ranges resulting in a poor performance of Valutrades trade internalization as well as clients shifting business to more interesting products such as equities that saw a resurgence in bull markets,” stated Valutrades.

Valutrades also said it expects tough years to be balanced with easier years in the long term, while the focus in the short to medium term remains on growth over profitability.