Pepperstone Limited, the UK-regulated subsidiary of Australian forex broker Pepperstone Group, posted trading revenue of £10.7 million for the financial year ended June 30, 2022, up 36% from £7.9 million in the prior year.
Operating profit before tax more than doubled to £4.6 million, compared with £2 million in fiscal 2021. Profit after tax rose to £3.8 million from £1.6 million, representing a 135% year-over-year increase.
The company, which is authorized and regulated by the Financial Conduct Authority, provides a platform for retail and professional clients to trade contracts for difference and spread-betting products on forex, cryptocurrencies and ETFs. Pepperstone Limited does not take on market risk, with all such exposure borne by affiliate Pepperstone Group Limited.
Client funds held in segregated accounts totaled £28.9 million as of June 30, 2022, nearly doubling from £14.4 million a year earlier. The company noted that despite European clients moving to other regulated Pepperstone entities in Cyprus and Germany, UK revenue still grew by 36%.
Average headcount increased to 26 employees from 25 in the prior year, with total employee expenses rising to £3.1 million from £2.4 million. The company employs 25 staff directly, while the wider Pepperstone group employs more than 300.
No dividend was declared or paid during fiscal 2022, compared with a £3 million interim dividend paid in the prior year. The company is a wholly owned subsidiary of FX MidCo Pty Ltd, incorporated in Australia.
