Trading Point UK, the FCA-regulated operator of XM and Trading.com, reported its financial results for 2023, highlighting a significant revenue increase. The company’s revenue rose by 40% to £1.4 million, up from £1.1 million in 2022. Despite the growth, higher operating costs of nearly £2.3 million prevented the company from reaching profitability, but the net loss was reduced to £844,000, a 20% improvement from the previous year.
In addition to reducing its losses, Trading Point UK improved its net asset position, increasing from £1.4 million in 2022 to £2 million in 2023. This growth was largely driven by a share capital increase of 1.5 million fully paid shares issued in February. The company emphasized that its available cash reserves remain sufficient to meet its obligations and capital requirements.
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Several other UK-based brokers have also released their financial statements as the year-end deadline approaches. Citadel Securities reported a 35% profit growth, while Capital.com UK faced a 60% drop in profits despite higher revenues. LandFX, meanwhile, saw a decline in turnover and gross profit but managed to grow its net profit to £55,000.
