Saxo Capital Markets UK Ltd reported profit after tax of £11.2 million for the year ended Dec. 31, 2023, up 7% from £10.5 million in the prior year, according to filings with Companies House.
Trading revenue remained essentially flat at £28 million compared to £27.6 million in 2022, while total operating income including other revenue rose to £29.6 million from £29.1 million. The UK subsidiary of Danish investment bank Saxo Bank A/S saw assets under management increase 25% to £2 billion from £1.6 billion in 2022.
Profit before tax climbed 13% to £14.8 million from £13.1 million, with the company noting the improvement came despite challenging UK equity markets and ongoing cost-of-living pressures affecting retail investors. Administrative expenses increased 7% to £16.1 million from £15 million.
The company held £431.4 million in client money at year end, up from £414.7 million in 2022. Client assets under management totaled £2.3 billion, compared to £1.9 billion the previous year. The firm paid a £10 million dividend during 2023, having paid no dividend in 2022.
Average headcount remained stable at 62 employees, down from 63 in the prior year. Regulatory capital stood at £66.2 million against a requirement of £6.1 million under Investment Firm Prudential Regime rules.
The company, which offers trading platforms for equities, bonds, CFDs, futures, options and FX, introduced a new SONIA-linked interest rate model in 2023 and announced significant price reductions in January 2024.
