FXPro UK, a leading online forex broker just reported its financial results for 2020. These results were extremely satisfying with a loss of £221,724 in 2019 turning into an impressive net profit of £466,597 for the year ended December 2020.
Revenues for the UK based forex broker also jumped substantially. Annual revenue jumped by 11% to £1,723,281 in 2020. When compared to December 2019, this was a considerable difference as then the figure was £1,548,629.
As far as expenses were concerned, the forex broker registered a significant drop in selling and marketing expenses. These clocked in at £210,194 when compared to £493,162 in 2019. If you’re interested in taking the plunge in the forex market, take a look at these Top Forex Brokers.
Drastic Reduction In Expenses For Forex Broker FXPro UK Key To Improved Results
As turnover continued to grow at an impressive rate, FXPro UK also managed to reign in their expenses substantially. This was fully reflected in the financial loss with a turnaround of over £600,000. Additionally, the Covid-19 outbreak did not have any detrimental effect on the company’s figures.
Commenting on the results, the company said, “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 added in the report.
The company’s assets also grew considerably in 2020. As at 31 December 2020, total assets were at £6,267,450 whilst these were £5,106,657 in 2019 or a jump of around 15%. Additionally, the company’s net assets also appreciated substantially to £4,568,467 from £4,101, 870 in 2019, or a rise of around 10%.
Cash And Equivalents Also Spike For FXPro UK
FXPRO UK’s strong performance in 2020 also had a remarkably positive effect on the company’s cash and cash equivalents holdings. These have spiked from £3,696,539 in 2019 to £4,275,428 in 2020 or an increase of around 18%.
The forex broker has seen remarkably consistent growth in 2020 due to a surge in demand for varied financial products. FXPro UK currently offers trading in various financial instruments that include commodities and forex pairs.
“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 said in the official announcement.
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Gerald Fenech
