⁣ INFINOX, a leading FX/CFD broker, reported a net loss for ⁤the fiscal year 2023, which ended on March 30.⁢ The company’s financial report, released today (Wednesday), showed⁤ a ​loss of ‌approximately £5.4 million, a significant decrease from the ⁣previous ‌year’s profit of £1.35 million. Despite this, the company saw an increase in its Assets Under Management (AUM).

⁢ INFINOX’s‍ Revenue Decrease​ and Loss Despite‌ Rising AUM
‌

⁤ The company’s revenue decreased by ⁤£1.3 million, dropping ‍from £17.1 million ⁣to £15.8 million in the fiscal year ⁤2023 (FY23). Due to significantly higher costs, the company was unable to maintain its ‌net profit and incurred a loss ​of over​ £5 million.

Despite the challenging market conditions in the UK, as reported by Finance Magnates, INFINOX managed to achieve healthy revenues and meet all of its ⁢main KPIs. According ⁣to Jay Mawji, the Managing Director of INFINOX Capital, the company saw record⁤ volume traded, deposits, funds‍ under management, and revenue⁤ in the past year.
​

‌ ​The report also highlighted a significant increase in costs, with ‌the cost of sales rising from £8.5⁢ million ​to £12.2 ‌million and operational‍ expenses increasing by nearly £2⁣ million. However, despite⁣ these challenges, AUM saw ⁣an ‍8.5% increase,⁣ from £14.3 ‌million to ⁢£15.5 million.