London-based retail broker FxPro UK has released its financial report for the year ended December 2023, as published by Companies House UK. The report shows that the company bounced back to profit, boosted by a double-digit revenue growth.

FxPro moved from a loss of £614,558 in the preceding year to a profit of £153,103. The retail broker also managed to turn around an operating loss of £611,497 to a profit of £93,283. Although the company’s distribution costs increased from £212,780 to £331,517, FxPro managed to reduce administrative expenses from £1,511,382 to £1,182,292.

Adequate Capital Resources

“Trading revenue arises from the provision of online financial services in the ordinary course of the company’s activities—clients’ trading in CFDs and financial spread betting—whereby the company acts as a counterparty to trades undertaken by its clients,” FxPro explained.

“The company held adequate capital resources and did not breach any regulatory capital requirements during the year. No change in the authorized or issued share capital of the company took place during the year ended December 31.” The company plans to offer its clients the dealing of physical shares this year in addition to the CFD offerings.

FxPro UK increased its total assets, less current liabilities, during this period, moving from £3,408,342 to £3,561,445. The company also grew its cash reserves from £2.6 million to £3.6 million, expanding the total assets excluding liabilities by 4%.

FxPro Expands Services

Last year, FxPro launched a new office in Dubai to enhance its services for regional retail and institutional clients. The firm opened a representative office in Dubai the previous year, shortly after unveiling its services in the Bahamas.

FxPro previously opened offices in London, Cyprus, and Monaco. The retail broker has also secured regulatory licenses from the Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Financial Conduct Authority of South Africa.

The company is also expanding its services to the fast-growing crypto space. Last year, it added crypto to its cTrader accounts. This offering enables traders to log in to their cTrader accounts and open new accounts under their profile. Some of the tokens currently supported on the platform are Bitcoin , Ethereum, and Ripple.