FCA-regulated retail broker FXOpen has published its key figures for the 2022 financial year. The report confirmed a reduction in overall losses.

According to a Companies House filing, the broker's administrative expenses for the period fell from £870,252 in the 2021 financial year to £777,878. Meanwhile, FXOpen's operating loss narrowed to £341,426 from £420,035 a year earlier.

This contributed to a 20% reduction in the company's net loss to £338,651. A foreign exchange gain of £40,717 helped reduce the overall loss to £297,934. For fiscal year 2021, the broker's total loss was £456,913.

For FY 2022, the company's revenue increased to £645,643 from £611,705 in the previous year. However, an increase in cost of sales from £161,488 to £209,191 contributed to a 3.2% decrease in gross profit to £436,452.

Client funds held by FXOpen amounted to £2.39 million.

The broker stressed that its year-end figures for FY2022 reflect the difficult market conditions experienced across all trading venues, including the Forex market. However, the company said that it was able to maintain its client base in the UK and other markets.

FXOpen Ltd.'s results include the consolidated performance of its CySEC-licensed and EU-focused unit, FXOpen EU Ltd.