Saxo Capital Markets UK Ltd, the British subsidiary of Danish investment bank Saxo Bank A/S, reported profit after tax of £7.6 million for the year ended Dec. 31, 2024, down 32% from £11.2 million in the prior year.
Trading revenue declined 13% to £24.4 million from £28.0 million in 2023, which the company attributed to lower pricing following the introduction of a competitive pricing model for direct retail clients and reduced commission on stocks, ETFs, options and futures. Low market volatility throughout most of 2024 also contributed to a £3.7 million drop in trading revenue, according to the company’s strategic report.
Operating profit fell 32% to £9.8 million from £14.5 million, while profit before tax declined 30% to £10.4 million from £14.8 million. Administrative expenses remained relatively flat at £16.0 million compared to £16.1 million in the prior year.
The FCA-regulated investment firm paid dividends of £11.3 million during the year, up from £10.0 million in 2023. Client money requirements stood at £467.7 million, an 8% increase from £431.4 million, while client assets under management grew 14% to £2.63 billion from £2.30 billion.
Average headcount decreased slightly to 61 employees from 62 in the prior year. The company’s Tier 1 capital stood at £54.4 million, down from £66.2 million.
The company noted heightened market activity in early 2025 driven by macroeconomic and geopolitical events has resulted in increased client trading activity.
