FxPro UK, a leading online brokerage firm, has reported strong financial results for 2023, a significant turnaround from the previous year. The broker reported revenue of £1.37m in 2023, up 23% from £1.11m in 2022. This growth reflects the firm's ability to capitalize on favorable market conditions and expand its client base.

The firm's net profit for 2023 reached £153,000, which is a significant improvement on the net loss of £615,000 in 2022. This move to profitability demonstrates FxPro UK's successful efforts to streamline operations and effectively manage costs, ensuring the company will continue to grow in the coming years.

Despite the positive financial performance, FxPro UK's client funds held in trust decreased slightly to £7.46 million at the end of 2023 compared to £8.19 million in 2022. It is important to note that client bank accounts are completely separate from the company's bank accounts, ensuring the safety and protection of client assets, which is standard practice in the brokerage industry.

FxPro UK also reported an increase in total assets less current liabilities during the year from £3.4m to £3.56m and the company strengthened its cash reserves, which increased significantly from £2.6m to £3.6m, further strengthening its financial position. This 4% increase in total assets less liabilities highlights the company's focus on maintaining a healthy balance sheet while continuing to invest in future growth.

According to a regulatory filing, the company intends to introduce trading in physical shares in 2024. The move is expected to complement its existing contract for difference (CFD) offerings and provide clients with more comprehensive trading options. The addition of physical share trading is likely to attract a wider range of investors, further strengthening FxPro UK's presence in the market.

The company's results in 2023 emphasize its resilience and ability to adapt to market dynamics while providing value to its clients. With a strong financial base and product expansion plans, FxPro UK is well positioned for further growth in 2024 and beyond.