Fortrade Registers a Rise in Turnover But a Drop in Profit for 2022

Fortrade, a leading provider of online trading solutions for individual and institutional clients, disclosed that its revenue for the financial year of 2022 stood at £32.3 million, climbing around 14.1 percent on a yearly basis, according to the latest Companies House filing.

Profit for the fiscal year, however, experienced a decline. Specifically, the figure was £823,782, falling 23.3 percent from 2021's £1,074,869. Operating profit plummeted 28.7 percent to £844,447. Whereas, gross profit grew 23.2 percent to £5.3 million.

The administrative expenses for the year came in at £4.4 million, compared to £3 million in the previous year. In addition, the company held a net asset of £7.55 million, increasing from £6.7 million in 2021.

"The results for the year and financial position at the year-end were considered satisfactory by the directors given the difficult trading conditions and increasing competition in its core market," the filing noted.

The firm "continues to look for opportunities overseas although the directors expect that the group's future profitability will be primary from its existing core market," the filing added.