FxPro UK Reports £466,597 in Net Profit for 2020

FxPro UK, a leading online financial broker, recently reported its financial numbers for 2020. The company posted a net profit of £466,597 for the year ended 31 December 2020, compared to a net loss of £221,724 in 2019.

According to the annual numbers, FxPro UK saw revenues of £1,723,281 in 2020, which is 11% higher when compared to 2019. For the year ended 31 December 2019, FxPro UK posted revenues of £1,548,629.

In terms of expenses, the company saw a significant drop as the selling and Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term expenses reached £210,194, compared to £493,162 in 2019.

“The company’s Key Performance Indicators (KPIs), with which the management monitors the business and its performance are the traded volume and profitability. Notional volume traded for 2020 reached $64 billion, compared to $55 billion in the previous year. As a result, revenue increased by 11% in 2020. On the other hand, total expenses decreased by 21%. In addition, Covid-19 did not negatively affect the company’s operations and results for the year 2020. Specifically, the outbreak resulted in significant market fluctuation and increased trading volume,” the company mentioned.

On 31 December 2020, the total assets of the company reached £6,267,450, compared to £5,106,657 in 2019. The company’s net assets increased to £4,568,467, compared to £4,101,870 in 2019.

Growth

As a result of a strong performance in 2020, the company’s cash and cash equivalents spiked to £4,275,428 in 2020, compared to £3,696,539 in 2019. FxPro UK has seen consistent growth in 2020 due to a surge in demand for different financial products. The company is currently offering trading in various financial instruments, including foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) pairs and commodities.

“The company has 1,400,000 ordinary shares in issue as of 31 December 2020. No change in the authorized or issued share capital of the company took place during the year ended 31 December 2020,” FxPro UK mentioned in the official announcement.

Charalambos Psimolophitis, an industry veteran with decades of experience in international financial markets, is the Director of FxPro. The company's key management team includes Marianne Evagorou, who is currently serving as Head of UK operations at FxPro.