FX Broker BP Prime Posts 402% FY22 Revenue Increase

Black Pearl Securities, a forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) broker operating under the brand BP Prime, published its annual accounts for the financial year 2022, from April 2021 to March 2022. The company reported a turnover of £1.64 million, which is five times higher than the £326,876 generated in the previous financial year.

Additionally, the revenue jump impacted the company's profits as the pre-tax figure came in at £839,192, recovering from a loss of £520,599 in FY2021. It ended the year with an after-tax profit of £786,849, compared to a loss of £515,379 in the prior year.

Interestingly, the broker managed to cut its administrative expenses last year to £536,639 from £777,086 despite the 402 percent revenue jump.

A London-Based Broker

The BP Prime brand was founded in 2013 and offers trading services with forex and CFDs of a few other asset classes.

“The company’s main source of revenue is commission, based upon the volume of trades carried out by the company’s clients,” the Companies House filing of the broker stated.

“During the course of the year, the turnover increased, as compared to 2021, reflecting [the] success of the business strategy. The board remains focused on expanding its professional and retail client base.”

Furthermore, the broker is now looking for expansion opportunities in the United Kingdom and in overseas markets. According to its website, BP Prime already has a client base across Europe, Asia and South America.

“The directors expect that the company will grow its business both in its core new markets, and this will lead to a continued improvement in the company's financial results,” the filing added.