Global retail forex and CFDs broker FxPro has released results for its FCA regulated UK subsidiary FxPro UK Limited for 2015, showing that volumes nearly tripled to $63.5 billion for the year (2014: $22.8 billion).
Revenues at FxPro UK came in at £2.0 million in 2015, up from £620,000 in 2014. Net Profit was £1.1 million, much improved from a similarly-sized £1.1 million loss the previous year.
However, as we’ve written before for similarly structured companies, both Revenues and Profits at FxPro UK just represent inter-company transfers, since all inbound trades to FxPro UK are passed on to parent company FxPro Financial Services Limited – such that FxPro UK’s Revenues are effectively booked as commission income received from the parent company.
The key metric in understanding what’s actually going on is volumes booked, which as stated above nearly tripled in 2015 at FxPro UK.
FxPro UK also strengthened its capital position in 2015, with equity capital rising to £1.53 million as at year end 2015, up from £411,000 in 2014.
FxPro UK employed 9 people as at the end of 2015.
The company has continued to build its UK office in 2016. We recently exclusively reported that FxPro added former Saxo Bank UK Chairman Nick Beecroft to its UK BoD. The company is also going through a refreshing of its look and image, with Step 1 being – as was exclusively reported at LeapRate – some subtle changes to the FxPro logo for the first time in 10 years, and a change in its tagline which removed the word ‘Forex’.
