Exclusive: FxPro UK increases Revenue 64% in 2016 to £3.2 million, volumes top $112 billion

FxPro offices

LeapRate Exclusive… LeapRate has learned via regulatory filings that FxPro UK Limited, the FCA regulated arm of global Retail FX broker FxPro, saw a healthy increase in activity in 2016.

FxPro UK grew its Revenue base by 64% in 2016 to £3.2 million, up from £1.97 million in 2015. The company turned in a Net Profit of £1.1 million, nearly identical to last year.

Client trading volumes at FxPro UK increased 75% to $112 billion for the year ($9.3 billion monthly average), versus $64 billion in 2015.

Growing its UK presence has been a key strategic aim for FxPro. As was exclusively reported at LeapRate in June, FxPro UK recently launched spread betting on the new FxPro Edge platform, and inked a deal to become shirt sponsor of Premier League club Watford FC. Earlier this year FxPro promoted Conor O’Driscoll to Deputy CEO and COO of its UK operation. Mr. O’Driscoll had been with FxPro since 2012, based in Cyprus. He began at FxPro as an FX Dealer, moving up to be named Assistant Chief Dealer in 2014.

We would note that 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 were up 75% in 2016 at FxPro UK.

FxPro UK also strengthened its capital position in 2016, with equity capital rising to £2.6 million as at year end 2016, up from £1.5 million in 2015.

FxPro UK employed 12 people as at the end of 2016, up from 7 the previous year.

FxPro UK’s 2016 income statement follows:

FxPro UK income statement 2016

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Exclusive: FxPro UK increases Revenue 64% in 2016 to £3.2 million, volumes top $112 billion

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