London-based retail broker FxPro UK has reported a return to profitability for the year ending December 2023, following two consecutive years of losses. The company’s latest financial report, filed with Companies House UK, highlights a significant boost in revenue, driving its recovery.
FxPro posted a profit of £153,103 for 2023, a marked improvement from the £614,558 loss it reported the previous year. The broker also reversed an operating loss of £611,497, turning it into a profit of £93,283. While distribution costs rose from £212,780 to £331,517, FxPro successfully reduced its administrative expenses, bringing them down from £1,511,382 to £1,182,292.
Strong Financial Position and Future Plans
“Revenue growth was driven by the provision of online financial services, specifically in CFDs and financial spread betting, where the company acts as a counterparty to its clients’ trades,” FxPro explained in the report.
The company emphasized that it maintained adequate capital resources throughout the year and did not violate any regulatory capital requirements. Additionally, no changes were made to the company’s authorized or issued share capital during the period. In a move to broaden its offerings, FxPro is preparing to introduce physical share trading services alongside its current CFD products later this year.
Asset Growth and Financial Stability
During the financial year, FxPro increased its total assets (excluding liabilities) from £3,408,342 to £3,561,445, representing a 4% growth. Additionally, the company bolstered its cash reserves, rising from £2.6 million to £3.6 million, further strengthening its financial position.
Global Expansion and Crypto Integration
FxPro has been expanding its services in recent years. In 2023, the broker opened a new office in Dubai to cater to its growing client base in the region. This followed the launch of a representative office in Dubai the previous year and the expansion of services in the Bahamas. FxPro already operates offices in London, Cyprus, and Monaco, and holds regulatory licenses from the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Sector Conduct Authority (FSCA) of South Africa.
In addition to geographical growth, FxPro has expanded into the fast-evolving cryptocurrency market. The company integrated cryptocurrency trading into its cTrader platform last year, allowing users to manage crypto assets such as Bitcoin, Ethereum, and Ripple within their accounts.
