The company also reported an increase of 21% in revenue and a rise of 100% in net profit.
Fintech wants to enter the £400 billion ISA market, which could boost its future performance.
The UK’s
branch of XTB increased its revenues 21% and net profit over 100% in 2023, which aligns with the positive preliminary results of the entire publicly listed fintech group reported at the end of January. The number of
active clients has increased over 90%.
XTB UK Reports Increase in
Revenue and Profit in 2023
According
to a report seen by Finance Magnates and published this week, XTB
Limited (XTB UK) achieved a revenue of £4.7 million, compared to £3.9 million
reported in 2022.
XTB, which
originates from Poland, decided to launch its London headquarters in 2015. It is operated by its subsidiary XTB Limited and regulated by the FCA. The entity's main goals are to offer CFD products and develop long-term
investment products.
As the
company admits in its latest report, 2023 brought much greater volatility than
the previous year. Combined with the launch of a range of new investment
products, including real stocks and ETFs, the company was able to increase the number of active clients significantly.
The company commented in the official report that "New retail client growth was significant, especially in Q4, with the business seeing a 93% growth in new clients over the year compared to 2022."
Despite the
increase in administrative costs, the significantly higher revenue allowed the
company to achieve an operating profit of £178,527 (an increase of 27%) and a
net profit of £237,111, 100% higher than the result from the previous year.
The total
value of assets held by the company increased, exceeding the level of £9
million.
XTB UK Considers Entering
Multi-Billion Pound Market
Although
XTB UK's results seem modest compared to the results of the entire Group, with
XTB reporting a net profit of PLN 791.3 million, it should be remembered that
the London branch is relatively small and employing 36 people in 2023, with the
vast majority working in marketing and sales.
"Budgeting for the end of last year as well as this year, we want to fight for the market again, because we finally have something to fight with," commented Omar Arnout, the CEO of XTB, quoted by the Polish Press Agency. "We want to apply for an ISA, which are the British savings plans, and I hope that we will be able to compete in a market that, it must be admitted, is competitive."
In an
interview with Finance Magnates, Joshua Raymond, the CEO of XTB UK,
confirmed these reports. He admitted that: "There are nearly 12 million ISA
subscriptions each year in the UK. This represents a huge market for XTB to be
operating in."
XTB UK's potential entry into the ISA market could be a game-changer, opening
up a vast new customer base and significantly boosting its revenues.
The UK’s
branch of XTB increased its revenues 21% and net profit over 100% in 2023, which aligns with the positive preliminary results of the entire publicly listed fintech group reported at the end of January. The number of
active clients has increased over 90%.
XTB UK Reports Increase in
Revenue and Profit in 2023
According
to a report seen by Finance Magnates and published this week, XTB
Limited (XTB UK) achieved a revenue of £4.7 million, compared to £3.9 million
reported in 2022.
XTB, which
originates from Poland, decided to launch its London headquarters in 2015. It is operated by its subsidiary XTB Limited and regulated by the FCA. The entity's main goals are to offer CFD products and develop long-term
investment products.
As the
company admits in its latest report, 2023 brought much greater volatility than
the previous year. Combined with the launch of a range of new investment
products, including real stocks and ETFs, the company was able to increase the number of active clients significantly.
The company commented in the official report that "New retail client growth was significant, especially in Q4, with the business seeing a 93% growth in new clients over the year compared to 2022."
Despite the
increase in administrative costs, the significantly higher revenue allowed the
company to achieve an operating profit of £178,527 (an increase of 27%) and a
net profit of £237,111, 100% higher than the result from the previous year.
The total
value of assets held by the company increased, exceeding the level of £9
million.
XTB UK Considers Entering
Multi-Billion Pound Market
Although
XTB UK's results seem modest compared to the results of the entire Group, with
XTB reporting a net profit of PLN 791.3 million, it should be remembered that
the London branch is relatively small and employing 36 people in 2023, with the
vast majority working in marketing and sales.
"Budgeting for the end of last year as well as this year, we want to fight for the market again, because we finally have something to fight with," commented Omar Arnout, the CEO of XTB, quoted by the Polish Press Agency. "We want to apply for an ISA, which are the British savings plans, and I hope that we will be able to compete in a market that, it must be admitted, is competitive."
In an
interview with Finance Magnates, Joshua Raymond, the CEO of XTB UK,
confirmed these reports. He admitted that: "There are nearly 12 million ISA
subscriptions each year in the UK. This represents a huge market for XTB to be
operating in."
XTB UK's potential entry into the ISA market could be a game-changer, opening
up a vast new customer base and significantly boosting its revenues.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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