The United Kingdom-based parent company of FXOpen, a forex and contracts for differences (CFDs) broker brand, published the financials for the fiscal year that ended on 31 December 2022, reporting a turnover of £645,643 and a net loss of £338,651.

An Improvement in Financials

According to the recent Companies House filing, the turnover of the brokerage operator increased 5.5 percent in 2022. However, with an increased sales cost from £161,488 to £209,191, the gross profit declined 3.2 percent to £436,452.

Meanwhile, the administrative costs of the broker declined from £870,252 to £777,878. With this, the operating loss of the company came in at £341,426, narrowing down from the previous year’s £420,035.

After considering income and expenses from interest, the brokerage operator reported a net loss of £338,651, which is 20 percent down from £403,487. However, it gained £40,717 from foreign exchange profits, lowering the total comprehensive loss to £297,934 compared to £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.

Expansion Is Underway

FXOpen offers retail trading services with currency pairs and CFDs of stocks, indices, commodities, and a few other asset classes. Its primary source of revenue is from the commission charged on trades and is directly dependent on trading volumes on its platform.

“As a part of its corporate strategy, the group continued to expand its client base in the UK and the rest of the world.” Meanwhile, the expansion within the European Union is being carried out by the Cyprus-registered entity FXOpen EU Ltd.

“Though its group structure, the board is confident in expanding its client base, professional and retail,” the filing added.