ThinkMarkets UK Witnesses Higher Revenue but Lower Profit for FY22

TF Global Markets UK, the UK branch of multi-assets broker ThinkMarkets, released its financial results for the fiscal year ended December 31, 2022 (FY22), reporting a revenue of £2.82 million, a slight increase of 3.3% compared to £2.73 million in FY21 but much lower than the expected revenue of £4.38 million the company reported in 2021.

Administrative costs for the company rose by 4.0% from £2.49 million in FY21 to £2.59 million. Consequently, the operating profit dropped by 7% to £232,025, while the net profit decreased by 6% from £304,988 in 2021 to £287,584.

The value of the assets owned by the broker during the period increased to £3.46 million, up 9.1% compared to £3.17 million in the prior fiscal year.

Amin Adat, Director of Finance at ThinkMarkets UK, commented: "The Company's business developed in line with the board's expectations and the results for the year and the financial position at the end were considered satisfactory given industry conditions and general economic uncertainties."

ThinkMarkets has continually invested in products to improve the trading experience for its clients, including the latest launch of ThinkPortal app​, a new multi-functional mobile app that allows traders to manage their accounts, and its own copy trading platform, ThinkCopy​.