INFINOX, the FX/CFD broker, has reported an unfavorable FY23 ending March 30, 2023, revealing a net loss of nearly £5.4 million. This marks a significant downturn compared to the previous year’s profit of £1.35 million. Despite this financial setback, the company managed to increase its Assets Under Management (AUM).
The financial report published on Wednesday disclosed a decrease in revenue from £17.1 million to £15.8 million in the fiscal year 2023 (FY23). The company attributed the loss to considerably higher costs, leading to a net loss of over £5 million.
INFINOX cited challenging market conditions in the UK but emphasized its achievement of key performance indicators (KPIs). Jay Mawji, the Managing Director of INFINOX Capital, stated that the firm reached milestones such as record trading volume, deposits, funds under management, and a record revenue year.
Despite facing a substantial rise in costs, the report showed an 8.5% increase in AUM, rising from £14.3 million to £15.5 million. The company acknowledged the difficulty of the current market conditions but expressed confidence in its ability to navigate challenges successfully.
“The business continues to evaluate its product offering and has made the decision to concentrate on its core offering – MT4 and MT5 as part of the IXO Prime brand,” the company commented.
INFINOX Reports FY23 Losses, Embraces EMIs for Enhanced Client Payments
INFINOX also revealed plans to sell part of its business in South Africa, specifically its subsidiary, Infinox Capital Limited SA (Pty) Ltd. In September, FX veteran Chris Hossain-Nelson left INFINOX to join Alchemy Prime as the Head of Institutional Sales.
Last week, INFINOX announced the addition of Electronic Money Institutions (EMIs) as a payment option for clients. EMIs are regulated financial services providers specializing in electronic payments. This move aims to provide clients with secure and convenient payment alternatives compared to traditional bank transfers. EMIs are accessible in over 200 countries, facilitating seamless deposit and withdrawal transactions for INFINOX clients globally.
According to Jay Mawji, the integration of EMIs aligns with the company’s commitment to offering the best possible trading experience. This strategic decision is part of INFINOX’s broader focus on innovation and enhancing client services. Founded in 2009, INFINOX offers trading across various asset classes, including forex, equities, commodities, and crypto CFDs.
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