FXOpen UK narrows losses in 2024 despite challenging market conditions
FXOpen Ltd, the FCA-regulated forex and CFD broker, reported improved financial results in 2024, narrowing its annual loss despite ongoing inflationary pressures and a decline in client deposits. The company, which operates on a matched-principal basis and earns revenue through commissions on client trades, noted that trading volumes remained stable year over year, but profitability was constrained by high operating expenses.
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Financial performance
Revenue for the year ended 31 December 2024 rose to £670,642, a 5% increase from £636,700 in 2023. Gross profit grew by 24% to £509,782 compared with £410,050 a year earlier, reflecting stronger cost management and operational efficiency.
Administrative expenses, while still substantial, fell to £1,109,866 from £1,226,406 in 2023. Meanwhile, other operating income surged to £302,598 (2023: £52), helping to reduce the operating loss to £297,486 from £816,304 the previous year.
Including interest income of £30,838, the group’s pre-tax loss narrowed to £266,648, compared with £768,267 a year earlier. Foreign exchange gains of £47,176 (versus a £18,042 loss in 2023) further supported results, bringing the total comprehensive loss to £219,472 — a significant improvement from the £786,309 loss reported in 2023.
Balance sheet and liquidity
At year-end, net assets declined to £1,113,122 (2023: £1,332,594) as losses continued to weigh on equity. Cash reserves dropped to £1,987,556 from £2,429,150, following operating cash outflows of £462,905. Trade creditors rose to £1,703,300, including more than £1 million owed to liquidity providers and £470,384 to professional clients.
Strategy and outlook
The board highlighted investments in technology, partnerships, and new products as key growth drivers for FXOpen. Expansion continues through its Cyprus-based subsidiary FXOpen EU Ltd, regulated by CySEC, and FXOpen Middle East Ltd in the UAE.
Auditor Fisher, Sassoon & Marks issued an unmodified opinion but flagged material uncertainty regarding going concern, citing liquidity and profitability pressures. Management, however, expressed confidence in the group’s ability to maintain operations and expand both retail and professional client bases in 2025.
The broker did not declare a dividend for 2024.
Earlier, FXOpen also introduced trading on the U.S. Dollar Index across all platforms.
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