London and UAE-based retail broker FxPro has just published a comprehensive financial report for 2022, showing a revenue increase while deepening its net loss to £614,558. However, the company reports achieving its goals, including increased notional volume traded and greater retail customer activity.

FxPro Reports Higher Revenue and Trading Volume but Increased Net Loss

According to the report released under the UK's Companies House, the total revenue of FxPro UK Limited rose by nearly 20% from £936,805 reported in 2021 to £1.11 million last year. Higher 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 costs and "other losses" led to the company's failure to achieve profitability for another consecutive year. Moreover, the net loss deepened by almost 13% to £614,558, compared to £545,567 reported in 2021. For comparison, the company accumulated a net profit of £466,597 in 2020.

@FxProGlobal @FxPro_EU_UK reports higher revenues, and higher net loss in 2022. pic.twitter.com/EoaTtFdOoy

— Damian Chmiel (@ChmielDk) October 4, 2023

Based on the company's comments, it improved several Key Performance Indicators, particularly in the notional volume traded. The indicator increased 8% in 2022 to $41 billion, compared to $38 billion reported in the previous year. The company attributed the increase in revenue primarily to the impact of the Russian invasion of Ukraine, which led to significant market volatility and increased trading activity in 2022.

"The increase in revenue was mainly driven by the effects of the Russian invasion in Ukraine, which caused significant market volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term and thus increased trading activity in 2022," the company commented in the official statement.

The report also mentioned a decline in the company's net asset value, which shrank from £4 million reported in 2021 to £3.41 million in 2022.

FxPro Expands to Dubai

In June, FxPro opened a new office in Dubai, United Arab Emirates (UAE), to bring its services closer to its regional retail and institutional clients. According to the company's LinkedIn announcement, the new location is Office 101, Building 2, BaySquare, Downtown Dubai. Last year, FxPro opened a representative office in Dubai, shortly after entering the Bahamas. The company is eager to grow geographically and establish strong relationships with its customer base.

Additionally, two months after revealing its new Dubai office, FxPro officially moved its operations to the UAE. The company announced the relocation in August, stating that the move is part of its ongoing commitment to expand its business activities in the Middle East and North Africa (MENA) region.