ParFX, a wholesale electronic spot FX trading operator run by Compagnie Financière Tradition, recently disclosed its 2022 financial figures. Although the report indicated a modest decline in turnover from $5.84 million to $5.58 million compared to 2021, both operating and net profits were up. Net profit for the year after tax totaled $1.72 million.
ParFX Reports an Increase in 20% Profit
ParFX (UK) Limited released its financial results last week, reporting a modest decline in turnover from $5.84 million to $5.58 million last year. However, the company managed to reduce administrative costs, which resulted in an operating profit of $2.13 million, up from $1.82 million. This allowed the firm to achieve a net profit for the whole of 2022 that was 20% higher than the $1.47 million reported in 2021, ultimately earning $1.72 million.
"The company continues to attract new prime clients and strengthen the platform's global distribution network. In addition, founder members have agreed to extend the minimum brokerage fee for another twelve months, stabilizing further the revenue run rate," the company commented in the official filing.
ParFX aims to continue expanding its global distribution network this year and in the coming years. It also plans to grow its FX electronic trading community as part of the Tradition brand. Compagnie Financière Tradition published its own 2022 results much earlier, back in March 2023. According to the report, the company achieved a net profit of CHF 89.1 million, which was 40.3% higher in constant currencies and 36.5 percent higher in current currencies.
A Mixed Financial Season for UK Companies
As the deadline for submitting 2022 financial reports approaches, numerous financial sector companies, including those in the FX industry, have disclosed their results. Many have shown rising revenues but declining profits or no profitability at all. ParFX appears to be an exception in this pattern.
Other companies like Trading Point of Financial Instruments UK Limited reported a net loss of £1.09 million in 2021 despite higher revenues. FxPro revealed an increase in revenue but a deepening net loss of £614,558 for 2022.
Beeks Financial Cloud Group plc also showed an improvement of 22% in revenue and a rise of 23% in Annualized Committed Monthly Recurring Revenue (ACMRR) but posted an operating loss of £331,000. Hantec Markets' UK branch reported a boost of 7% in revenue to £5.76 million but failed to maintain profitability, posting a net loss of £83,968 for the reported period.
