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 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.

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 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.