London based Retail FX and CFDs broker Fortrade Limited has released its financial results for 2023, indicating that the company saw a decline on the top line for the first time in four years, although profits were able to keep up.
Revenues at Fortrade came in at £19.8 million in 2023 following an all-time best of £32.3 million in 2022, i.e. down 39% YoY. Net profit for the year was £1.0 million, up 27% from £824K the previous year.
Fortrade was established in 2013, and received its FCA license the following year. The company installed a new CEO in mid-2020, former LMAX and CitiFX executive Chris Warburton.
The company said that it continues to look for opportunities overseas, although the directors expect that the Group’s future profitability will be primarily from its existing core market.
In addition to the UK company, the Fortrade group operates licensed subsidiaries in Australia and Canada, and an offshore operation domiciled in Mauritius. The company has a back office operation in Israel, Fort Securities Israel Ltd. Fortrade also set up a subsidiary in Cyprus in 2019, Fortress Cyprus Ltd, and received a CySEC license in mid 2020 as part of its plan to prepare for Brexit and be able to serve EU clients with the end of EU-UK license passporting in 2021.
Fortrade is controlled by Liechtenstein based investment firm Audina Treuhand AG.
Fortrade Limited’s 2023 income statement and balance sheet follow below.
