OANDA Europe, a branch of the broader broker group located in the UK, wrapped up the fiscal year of 2022 with a steady turnover of £16.8 million, mirroring the number announced in the year prior. In contrast, the company’s net profit experienced a significant increase, about 59 percent, to £558,492.
The corporate filings revealed the stable performance was due to increased market volatility, which contributed to a positive revenue impact and decreased active clients, resulting in a lower transaction volume. In response to Brexit, OANDA reconfigured its European operations, moving its European headquarters to Poland and transitioning clients from its Malta entity.
OANDA’s UK business experienced a marked drop from the peak during the pandemic, with revenues soaring 148 percent to £29.2 million in 2020. However, the present figure exceeds pre-pandemic numbers from 2019, where the broker brought in £11.8 million. Profits also fell sharply from the 2020 peak of £4.2 million.
Expansion Is the Primary Goal
The financial statement for FY22 displays OANDA Europe finishing the year with an operational profit of £486,734, a slight increase from £474,824 in the previous year. The company’s pre-tax profits totaled £704,581 after factoring in a one-time income from a legal settlement.
The company’s 2022 performance outperformed pre-pandemic levels as the firm continued to pour resources into marketing, customer services, and relationship management. In the last year, its main focus was high-volume credit clients, broadening its products, managing costs, and expanding its active UK client base.
OANDA is focused on its conventional services and aims to give access to trending and emergent assets like cryptocurrencies. To this end, earlier this year, OANDA Global Corporation took a majority share in the FCA-regulated crypto asset company Coinpass Limited, enhancing its services to professional traders and businesses.
