Sat, June 15, 2024

FxPro UK Reports 48% Revenue Drop in 2021

Broker News

FxPro UK Limited, the FCA-regulated subsidiary of the Cyprus-based group, published its financials for the fiscal year 2021, ending on December 31. The report showed that the broker’s revenue decreased 48 percent to £900,365 from more than £1.7 million in the previous fiscal year.

With only £36,440 of other income, compared to the previous year’s £146,470, the total annual income of the broker came in at £936,805. The administrative expense remained almost the same in the past two years, but FxPro generated a pre-tax loss of £528,584 from its UK operations.

The net comprehensive loss of the broker came to be £545,567. The filing also revealed that the notional volume traded last fiscal year dropped by 40 percent to $38 billion.

The overall volume of trading on the FCA-regulated platform decreased 48% last year. This was largely due to the figure dropping from $64 billion the previous year to $32.8 billion.

 

Market Volatility Vanishes

The company’s revenue decreased because of a decrease in the number of clients caused by Brexit and the Covid-19 outbreak. The market volatility caused by these events resulted in unprecedented trading revenue in 2020.

Despite the profit decline, FxPro is still one of the most successful brokers in the UK. It’s due, in part, to the losses incurred by other brokers in the region. GKFX, Capital Index, and ThinkMarkets all reported a decline in revenue last year.

The balance sheet of FxPro, which the FCA regulates, has also significantly changed due to the losses it faced this year. The total assets have gone down from £6.26 million to £4.3 million, and the net asset value has decreased from £4.56 million to only £4.02 million now.

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