Saxo Capital Markets UK Limited reported £24.4 million in trading revenue for the year ended 31 December 2024, down 12.6% from £27.9 million in the prior year, according to its annual accounts filed with UK Companies House. The London-based brokerage and investment platform saw operating profit decline to £9.8 million from £14.5 million, a 32% decrease year-over-year.
- Revenue: £24.4 million (−12.6% year-over-year)
- Operating Profit: £9.8 million (vs. £14.5 million prior year)
- Profit Before Tax: £10.4 million (vs. £14.8 million prior year)
- Net Profit After Tax: £7.6 million (vs. £11.2 million prior year)
- Dividends Paid: £11.3 million
- Client Assets Under Management: £2.6 billion
- Client Money Requirement: £467.7 million
- Average Headcount: 61 employees (vs. 62 prior year)
The subsidiary of Saxo Bank A/S attributed the revenue decline to lower market volatility combined with reduced commission rates introduced in 2024. The company attracted 3,600 newly trading clients, a 79% increase from 2,000 new clients in 2023, offsetting weakness in fee-based income from equities, exchange-traded funds, options and futures trading.
Shareholders’ equity fell to £62.4 million from £66.1 million, reflecting the £11.3 million dividend distribution. Administrative expenses held nearly flat at £16.0 million, while the firm maintained a cost-to-income ratio of 66%, up from 57% in 2023. The company ended the year with £15.8 million in cash and cash equivalents and regulatory capital of £54.4 million, well above minimum requirements under the Investment Firm Prudential Regime.
