Pepperstone UK subsidiary reports £10M profit in FY23, fueled by non-trading revenue surge and strong financial performance.
Pepperstone forex broker UK subsidiary has reported a robust fiscal year ending June 30, 2023, with a trading revenue increase of nearly 30% to £13.9 million. The Australia-based broker's non-trading revenue soared over £10.5 million, contributing to a net profit exceeding £10 million.
Pepperstone forex broker specializes in offering leveraged contracts for differences and spread betting products to retail and professional clients. Notably, the subsidiary operates without market risk, with all market risk managed by PepperStone Group Limited, its affiliate.
The latest income statement reveals substantial revenue growth from non-trading sources, with revenue jumping to over £10.5 million from £366,177 the previous year. Despite increased sales costs and marketing expenses, the company's gross profit from trading revenue reached almost £11.9 million.
Total expenses for the fiscal year rose to £9.8 million, resulting in a pre-tax profit of £12.6 million, a significant increase from the previous year's £4.6 million. Client funds held by the company exceeded £30 million, indicating continued trust and growth in Pepperstone's services.
This fast-execution broker remains dedicated to enhancing its offerings for professional traders and retail clients. With a focus on developing services tailored to experienced traders and those well-versed in financial markets, this low-spread broker aims to maintain its position as a leading provider in the industry.
In recent forex broker news, it has been reported that former American professional tennis player John McEnroe has officially signed a regional collaboration with Pepperstone for Brand Ambassadorship.