Pepperstone Limited, the UK subsidiary of the Australian forex and CFD broker, posted profit after tax of £10 million for the year ended June 30, 2023, nearly tripling from £3.8 million in the prior year, according to accounts filed with Companies House.
Trading revenue climbed 29% to £13.9 million from £10.7 million, driven by commissions, swaps and spreads on contracts for difference and spread-betting products. The FCA-regulated firm also recorded £10.6 million in other income from services provided to group entities under a new transfer pricing policy implemented during the year.
Operating profit before tax reached £12.6 million, up from £4.6 million, while gross profit increased to £11.9 million from £9.2 million. The company paid corporation tax of £2.6 million compared with £886,659 in the previous period.
Client funds held in segregated accounts totaled £25.2 million at year-end, down from £28.9 million, which the company attributed to clients withdrawing portions of their funds rather than any revenue-related decline.
Average headcount rose to 27 employees from 26. Employee expenses totaled £2.8 million, down slightly from £3.1 million. No dividend was declared or paid during the year.
The company launched more than 215 new products across various asset classes and partnered with TradingView as an additional platform provider. Pepperstone Limited is a wholly owned subsidiary of FX MidCo Pty Ltd, with ultimate parent FX HoldCo Pty Ltd, both incorporated in Australia.
