OANDA Europe, the UK-based subsidiary of the wider brokerage group, ended the fiscal year 2022 with a turnover of £16.8 million, similar to the figure reported in the previous year. The net profit of the company, on the other hand, increased by about 59 percent to £558,492.

OANDA Europe’s FY22 Performance

“The company achieved similar performance due to a combination of higher volatility , which had a positive impact on revenues, and a reduction in active clients, which led to [a] lower volume of transactions,” the Companies House filing of the firm stated.

Indeed, OANDA restructured its European operations following the effectiveness of Brexit , which put the UK out of the bloc of 27 European Union countries. It has established its European base in Poland and transferred clients from its entity in Malta.

Despite OANDA’s UK business remaining flat last year, it witnessed a significant drop from the pandemic-induced peak. In 2020, its revenue jumped 148 percent to £29.2 million. Despite the decline, the latest figure remained higher than the pre-pandemic levels in 2019, when the broker generated £11.8 million.

Profits in the last two years additionally dropped drastically from 2020’s peak of £4.2 million.

Focus Is on Expansion

Coming to the latest income sheet of FY22, OANDA Europe ended the year with an operating profit of £486,734, compared to £474,824 in the previous year. Adding a one-off income from a legal settlement, the pre-tax profits of the company came in at £704,581.

“OEL’s performance in 2022 was ahead of pre-pandemic levels as the company continues to invest in marketing, customer services, and relationship management,” the filing added. Last year, the company primarily focused on High Volume Credit clients, extending its products, controlling costs, and growing its active client base in the UK.

Besides its traditional services, OANDA is focused on providing access to trending and emerging assets like crypto. Earlier this year, OANDA Global Corporation acquired a majority stake in the FCA-regulated crypto asset firm Coinpass Limited, a platform that extends its offerings to professional traders and businesses.