FxPro UK, the UK arm of international forex broker FxPro Group Ltd, has reported decreased trading volumes and lower revenue due to low volatility in 2014. The good news is that the company has managed to cut the expenses and with increased volatility due to Greek crisis this year promises to be much better.
FxPro UK revenue for the year ended 31 December 2014 was GBP 619 966 (2013: GBP 945 161). The net loss of the Company for the year was GBP 63 537 (2013: GBP 465 965).
On 31 December 2014 the total assets of the company were GBP 1,087,731 (2013: GBP 2 567 135) and its net assets were GBP 410 706 (2013: net assets GBP 474 243).
The Company's Key Performance Indicators (“KPIs”), with management monitors the business and its performance, are the volume traded, number of clients and profitability. Volume traded for 2014 reached $22.8 billion, compared to the $49 billion from the previous year as volatility reached record low levels in 2014.
Due to the decrease in volume traded, revenue decreased by 54% compared to the 2013.
Expenses decreased by 44% primarily from the reduction of staff costs. As a result of the reduction of the cost base, loss for the year reduced by 86% to GBP 63 537 from GBP 465 965 in 2013. Management considers that the company's performance and financial position as at 31 December 2014 was as expected based on the trading volumes of the Company.
For the complete financial report by FxPro, click here