Saxo Capital Markets UK Ltd posted a profit of £7.6 million for the year ended Dec. 31, 2024, down 32% from £11.2 million the prior year, according to accounts filed with Companies House.
- Trading Revenue: £24.4 million (-13% year-over-year)
- Operating Profit: £9.8 million (-32% year-over-year)
- Profit Before Tax: £10.4 million (-30% year-over-year)
- Net Profit After Tax: £7.6 million (-32% year-over-year)
- Client Assets Under Management: £2.63 billion (+14% year-over-year)
- Client Money: £467.7 million (+8% year-over-year)
The UK subsidiary of Danish investment bank Saxo Bank A/S reported trading revenue of £24.4 million, a 13% decline from £28 million in 2023. The company attributed the drop to lower pricing introduced during the year combined with reduced market volatility throughout most of 2024, resulting in a £3.7 million decline in trading revenue.
Operating profit fell 32% to £9.8 million from £14.5 million, while profit before tax decreased 30% to £10.4 million compared with £14.8 million in the prior period. The company paid corporation tax of £2.8 million.
Client assets under management grew 14% to £2.63 billion from £2.3 billion, while client money requirements increased 8% to £467.7 million from £431.4 million. The company’s Tier 1 capital stood at £54.4 million, down from £66.2 million.
Average headcount fell slightly to 61 employees from 62. The firm paid dividends of £11.3 million during the year. The pricing changes introduced in 2024 attracted 3,600 newly trading clients, a 79% increase from the prior year.
