Exclusive: FxPro UK sees Revenues down 48% in 2021, turns to loss
FNG Exclusive… FNG has learned that Retail FX and CFDs broker FxPro UK Limited, the FCA regulated arm of Cyprus based broker FxPro, continued to see a decline in activity, leading to a net loss in 2021.
FxPro UK saw Revenues decline to under £1 million in 2021, at just over £900,000, down by 48% from £1.72 million in 2020. As recently as 2017 FxPro UK was producing more than £4.4 million in annual Revenue. The decline on the top line led to the company posting a net loss of £545,000 for the year, versus a profit of £467,000 in 2020.
Client assets held at FxPro UK declined by 30% to £7.35 million as at year-end 2021, from £10.47 million the previous year. Client bank accounts are segregated from the bank accounts of the company.
Notional volume traded for the 2021 year at FxPro UK decreased by 40% to US$38 billion (or an average monthly volume of $3.2 billion), compared to US$64 billion ($5.3 billion monthly) in 2020. Management said that the decrease in volume of trading and revenue performance was mainly driven by a decrease in the number of clients as a result of Brexit, and by the consequences of the Covid-19 outbreak, that caused abnormally significant market volatility and thus unprecedented increased trading revenue in 2020.
FxPro’s largest shareholder is founder Denis Sukothin, although he holds a less-than-50% stake in the company, via Guernsey based FxPro Group Limited.
FxPro UK’s income statement and balance sheet for 2021 follow: