Saxo Capital Markets UK Ltd posted a profit after tax of £12.4 million for the year ended Dec. 31, 2021, down 6% from £13.2 million the prior year, according to filings with UK Companies House.
Net operating income rose marginally to £32.1 million from £32.0 million in 2020, while trading profits increased to £30.1 million from £29.9 million. The FCA-regulated broker reported profit before tax of £15.4 million, compared with £16.4 million in the prior year.
Administrative expenses increased 7% to £16.4 million from £15.3 million, driven by investments in regulatory, legal, compliance and restructuring costs. The company paid a dividend of £4.3 million during the period, down from £6.6 million in 2020.
Client assets under management reached £1.62 billion at year-end, up from £1.51 billion in 2020. The client money requirement stood at £449.9 million, compared with £382.8 million the previous year.
The wholesale client base grew by more than 29,000 clients during 2021, bringing the company’s total to over 91,600 clients with assets. Approximately 1,500 clients migrated from Saxo A/S to the UK entity following the Brexit transition period.
Average headcount increased to 63 employees from 62 in 2020, comprising 23 commercial staff and 36 support staff plus four directors. The company maintained a total capital ratio of 85.8%, with Tier 1 capital of £53.3 million.
Saxo Capital Markets UK is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Copenhagen, Denmark.
