OANDA Europe, the UK-based subsidiary of the OANDA brokerage group, has released its financial results for the fiscal year ending 2023. The company reported a turnover of £16.32 million, a slight decline from £16.85 million in the previous fiscal year.

“Despite lower market volatility in 2023, the Company achieved similar financial performance to 2022 due to improvements in client acquisition and retention,” the Companies House filing of the firm stated.

Financial Performance Overview

Net profit for the fiscal year was £127,831. This represents a significant decrease compared to the prior year's net profit of £558,492. The profit before tax also fell from £704,581 in the previous year to £227,336.

Administrative expenses for OANDA Europe totaled £16,585,444 in fiscal year 2023. This figure reflects the company's continuous operational costs and represents a key component of its overall financial performance.

In light of these results, the company has expressed confidence in its future operations: “The directors have confidence that the Company has adequate resources to continue operations for the foreseeable future and for a period of twelve months from the date when the financial statements are authorized for issue.”

“Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and financial statements,” the filing added.

OANDA Expands into UK Cryptocurrency Market

Earlier, US-based forex broker OANDA launched OANDA Crypto, a new cryptocurrency trading platform in the United Kingdom, as reported by Finance Magnates. The platform is registered with the Financial Conduct Authority (FCA ) and will provide various cryptocurrency trading options for British investors.

This launch follows OANDA's acquisition of a majority stake in FCA-registered crypto firm Coinpass last year, allowing the company to enter the expanding UK crypto market, which has seen increased interest.

OANDA Crypto will enable trading in over 63 cryptocurrency pairs, including major digital assets like Bitcoin , Ether, and Ripple. The company plans to add more tokens and features throughout the year to meet the changing needs of crypto traders.