OANDA Europe, the UK-based subsidiary of the OANDA brokerage
group, has released its financial results for the fiscal year ending 2023. The
company reported a turnover of £16.32 million, a slight decline from £16.85
million in the previous year.
“Despite lower market volatility in 2023, the Company
achieved similar financial performance to 2022 due to improvements in client
acquisition and retention,” the Companies House filing of the firm stated.
Financial Performance Overview
Net profit for the fiscal year was £127,831. This represents
a significant decrease compared to the prior year’s net profit of £558,492. The
profit before tax also fell from £704,581 in the previous year to £227,336.
Administrative expenses for OANDA Europe totaled £16,585,444
in fiscal year 2023. This figure reflects the company’s continuous operational
costs and represents a key component of its overall financial performance.
In light of these results, the company has expressed
confidence in its future operations: “The directors have confidence that the
Company has adequate resources to continue operations for the foreseeable
future and for a period of twelve months from the date when the financial
statements are authorized for issue.”
“Accordingly, the Company continues to adopt the going
concern basis in preparing the annual report and financial statements,” the
filing added.
OANDA Expands into UK Cryptocurrency Market
Earlier, US-based
forex broker OANDA launched OANDA Crypto, a new cryptocurrency trading
platform in the United Kingdom, as reported by Finance Magnates. The platform is
registered with the Financial Conduct Authority (FCA) and will provide various
cryptocurrency trading options for British investors.
This launch follows OANDA’s acquisition of a majority stake
in FCA-registered crypto firm Coinpass last year, allowing the company to enter
the expanding UK crypto market, which has seen increased interest.
OANDA Crypto
will enable trading in over 63 cryptocurrency pairs, including major digital
assets like Bitcoin, Ether, and Ripple. The company plans to add more tokens
and features throughout the year to meet the changing needs of crypto traders.
This article was written by Tareq Sikder at www.financemagnates.com.
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