Monex Europe Holdings Reports £9.98M Profit in 2022

Monex Europe Holdings Reports £9.98M Profit in 2022

Time Stamp: October 9, 2023 3:07 AM
Source Node: 2924469

Based in
the UK and offering foreign exchange services to commercial and corporate
clients, Monex Europe Holdings Limited saw a substantial increase in its net
trading income for 2022. The company successfully turned its 2021 net loss into
a nearly £10 million profit.

Monex
Europe Holdings Limited reported a 46% increase in net trading income, growing
from £54.28 million in 2021 to £79.68 million last year. As a result, the gross
profit stood at £76.27 million, with a net profit positioned at approximately
£9.98 million.

This
represents a huge leap compared to 2021, when the company failed to achieve
profitability, reporting a loss of £3.45 million. Administrative costs were the
main factor contributing to the 2021 loss, which exceeded the net trading
income. Although in 2022, these costs increased by 23% to £70 million, they did
not consume all the revenue.

“2022
proved to be a stronger year in the financial service sector, throughout the
European Union, North America, and Asia, as the sectors showed signs of
recovery from the COVID-19 pandemic and Brexit . As a result, the group generated
a profit,” the company commented in the filing.

Monex
Europe Limited, a subsidiary of Monex Europe Holdings Limited, was not as
fortunate. Recently spun off to serve clients in Europe, its net trading income
was £23.5 million, a decrease of 10.6% compared to the previous year. The net
profit was £2.6 million, falling by over 60% year-over-year.

FX Industry Annual Results
Season

Many
companies operating in the foreign exchange industry have published their financial reports recently. Among them is retail trading solutions
provider NAGA Group. NAGA’s preliminary EBITDA for the first three quarters of
2023 was €4.2 million, starkly contrasting to the €4.2 million loss reported for
the same period last year. The company generated €28.4 million in revenue from
its brokerage business, resulting in an EBITDA ratio of around 15%.

London and
UAE-based retail broker FxPro also published a comprehensive financial report
for 2022, revealing an increase in revenue but a deepening net loss to
£614,558. However, the company reported achieving its goals, which included an
increase in notional volume traded and greater retail customer activity.

Despite
significantly higher revenues, rising operational costs in 2022 led to a
noticeable net loss for operators of other popular brokerage brands, such as XM
and Trading.com. Trading Point of Financial Instruments UK Limited, the mother
company behind the trading brands, reported a net loss of £1.09 million last
year.

Based in
the UK and offering foreign exchange services to commercial and corporate
clients, Monex Europe Holdings Limited saw a substantial increase in its net
trading income for 2022. The company successfully turned its 2021 net loss into
a nearly £10 million profit.

Monex
Europe Holdings Limited reported a 46% increase in net trading income, growing
from £54.28 million in 2021 to £79.68 million last year. As a result, the gross
profit stood at £76.27 million, with a net profit positioned at approximately
£9.98 million.

This
represents a huge leap compared to 2021, when the company failed to achieve
profitability, reporting a loss of £3.45 million. Administrative costs were the
main factor contributing to the 2021 loss, which exceeded the net trading
income. Although in 2022, these costs increased by 23% to £70 million, they did
not consume all the revenue.

“2022
proved to be a stronger year in the financial service sector, throughout the
European Union, North America, and Asia, as the sectors showed signs of
recovery from the COVID-19 pandemic and Brexit . As a result, the group generated
a profit,” the company commented in the filing.

Monex
Europe Limited, a subsidiary of Monex Europe Holdings Limited, was not as
fortunate. Recently spun off to serve clients in Europe, its net trading income
was £23.5 million, a decrease of 10.6% compared to the previous year. The net
profit was £2.6 million, falling by over 60% year-over-year.

FX Industry Annual Results
Season

Many
companies operating in the foreign exchange industry have published their financial reports recently. Among them is retail trading solutions
provider NAGA Group. NAGA’s preliminary EBITDA for the first three quarters of
2023 was €4.2 million, starkly contrasting to the €4.2 million loss reported for
the same period last year. The company generated €28.4 million in revenue from
its brokerage business, resulting in an EBITDA ratio of around 15%.

London and
UAE-based retail broker FxPro also published a comprehensive financial report
for 2022, revealing an increase in revenue but a deepening net loss to
£614,558. However, the company reported achieving its goals, which included an
increase in notional volume traded and greater retail customer activity.

Despite
significantly higher revenues, rising operational costs in 2022 led to a
noticeable net loss for operators of other popular brokerage brands, such as XM
and Trading.com. Trading Point of Financial Instruments UK Limited, the mother
company behind the trading brands, reported a net loss of £1.09 million last
year.

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