Pepperstone UK reports a 128% increase in revenues
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The UK division of Pepperstone, a forex and contracts for difference (CFDs) provider, has reported a 128% revenue increase. The broker’s revenues hit £4.6 million by the end of the 2022 financial year, ending on June 30.
Pepperstone UK reports a 128% revenue increase
While the company’s profits skyrocketed during the reported period, the profits were significantly lower. The company reported lower profits than the £7.7 million reported during the 2020 financial year.
The annual report by the brokerage company also showed that the firm increased its trading revenues by 36% in the last financial year to reach £10.7 million. The number was higher than the £7.9 million reported in 2021.
The company also failed to report revenues higher than the £12.7 million reported in 2022. However, the filing shows that the broker made significant gains in other areas, such as the balances held in client accounts.
The UK subsidiary of the brokerage firm based in Australia reported that the balance of client funds held in segregated accounts on the platform had doubled. The balance had increased by 100% from the £14.4 million reported during the previous year to the £28.9 million reported in the 2022 fiscal period.
In the filing with UK Companies House, Pepperstone UK explained its financial performance in 2022. The company noted that the revenues earned during the period came from commissions, spreads, and swaps against spread bets and CFDs.
The company further explained that its growth could also be seen in other metrics, such as the revenue earned and the number of client trends reported since the company commenced its operations in 2017.
The firm also defended the financial results reported in 2022 to the stellar results of 2020. It noted that the numbers reported in 2020 were significantly higher because the brokerage firm had other European clients being served under its brand during that period.
The broker further noted that the market volatility caused by the outbreak of the COVID pandemic two years ago had helped the company to report robust revenues and profit before tax.
It also added that “the European clients now trade with other regulated Pepperstone entities, namely Pepperstone EU Limited regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and Pepperstone GMBH regulated by the Federal Financial Supervisory Authority in Germany (BaFin).”
Pepperstone expands deals and products
Pepperstone UK added more than 150 new products to the platform during the previous financial year. These products ranged across multiple asset classes like shares, cryptocurrencies, and exchange-traded funds (ETFs). With this addition, the brokerage platform now supports more than 1200 products.
Last year, Pepperstone integrated TradingView, a charting and social trading network, to improve the trading experience. During the year, it also partnered with Capitalize.ai. The broker’s Australia-based parent company has also expanded its presence in the sports sector. It recently announced a partnership deal with the Australian sports team, Geelong Cats.
