Pepperstone Limited, the UK subsidiary of Australian foreign exchange group Pepperstone, has posted a sharp jump in profits for the financial year ending June 30, 2025 (FY25), with pre-tax profits rising to £24.1 million from £13.3 million a year earlier, according to the latest broker accounts filed with Companies House.
Net profit at the FCA-regulated entity rose to £18m, up 81% from £9.9m in financial year 2024. Trading revenue from commissions, swaps and spreads on CFDs and spread betting reached £15m, up 15.5% from £13m the previous year.
But the biggest swing came from outside the trading book. Other income, which the company attributes mostly to services provided to other entities within the group, jumped to £22.9 million from £13.2 million. Of this, £21.4 million represents an allocation to repatriate profits from another group entity, the filing shows. Interest income contributed an additional £1.5 million.
|
metric |
2025 (million pounds sterling) |
2024 (million pounds sterling) |
It changes |
|
Trading revenues |
15.04 |
13.02 |
▲ 15.5% |
|
Gross profit |
12.71 |
11.15 |
▲ 14.0% |
|
Another income |
22.90 |
13.24 |
▲ 73.0% |
|
Total expenses |
(11.53) |
(11.11) |
▲ 3.8% |
|
Operating profit (before tax) |
24.07 |
13.27 |
▲ 81.4% |
|
Net profit (after tax) |
18.00 |
9.94 |
▲ 81.1% |
The 2025 figures represent a rebound for the London branch, which reported a slight decline in revenue the previous year. like Finance Magnates reported in early 2025Pepperstone Limited ended the 2024 financial year with trading revenues of £13m and profits of £9.9m, along with its first dividend in years.
The latest filing shows that the company added 272 new trading instruments across asset classes during the year, taking the total catalog to more than 1,700 CFD and spread betting products. The broker said it remains focused on professional traders and retail clients “who are generally experienced and familiar with derivatives and financial markets.”
The UK entity averaged 27 staff, which is broadly flat year-on-year, while the wider Pepperstone group employs more than 600 staff. Staff expenses rose to £4.8 million from £3.8 million.
Spread betting players crowd the shrinking UK field
In the UK, Pepperstone operates in a market that has consolidated around a handful of big names, even as new entrants edge away from the edges. IG Group, CMC Markets and Plus500 dominate the UK listed retail derivatives space, while private rivals including Pepperstone, ActivTrades and XTB compete for the same retail and professional client base.
Group CEO Tamás Szabo previously told Finance Magnates that the UK contributes between 10% and 13% of the group’s total revenue, describing the market as “significant” despite wider industry concerns about declining retail participation in the UK.
In a Interview 2024 at the Finance Magnates Summit in LondonSzabo said the company sees cryptocurrency exchanges encroaching on the CFD space and flagged cryptocurrencies as Pepperstone’s fourth-largest asset class in terms of trading activity.
Pepperstone has differentiated its UK offering in part through its TradingView integration, having added Spread Betting on TradingView for UK Clients in 2023. This contrasts with competing approaches: CMC Markets has relied on its own next-generation platform, while IG Group continues to push its own ecosystem alongside Delicious Trading in the US.
Pepperstone’s UK license does not allow it to take market risk, with all this exposure directed to its subsidiary Pepperstone Group Limited.
It is the return of cash to the group that drives the headline number
If we exclude intra-group services income, Pepperstone Limited’s core business looks more measured than the headline profit would suggest. The £21.4m repatriation from another group entity is the largest single line item on the income statement and effectively increases the UK’s numbers compared to organic trading performance.
The company also had a £300,000 legal judgment seized the previous year after the Financial Ombudsman Service ruled in its favor on the underlying complaint, according to filing notes. UK corporation tax expenditure of £6.1 million brought the effective tax rate closer to 25%.
Dividends paid during the year totaled £8.5m, up from £6.3m in FY24, with all of it flowing to direct parent FX MidCo Pty Ltd in Australia. Segregated customer cash held in designated accounts ended the period at £26.2 million, broadly flat against £27 million the previous year.
Capital reserves lie well above the regulatory floor
The UK entity reported a tier 1 capital adequacy ratio of 427% and a liquid asset ratio of 877% as of 30 June 2025, with regulatory tier 1 capital of £12.4 million. Both figures are well above the minimum required under the UK investment firm prudential regime which applies to MIFID investment firms.
The auditor Ernst & Young signed off on the accounts on 21 October 2025 and issued an unqualified opinion. The Board includes Group CEO Tamás Szabo, Savakis Ioannou and Robert Bowen, who joined the London office in 2019 from Group IG, as Finance Magnates. reported at the time. The wider Pepperstone group is ultimately controlled by FX HoldCo Pty Ltd, registered in Melbourne.
Pepperstone Limited, the UK subsidiary of Australian foreign exchange group Pepperstone, has posted a sharp jump in profits for the financial year ending June 30, 2025 (FY25), with pre-tax profits rising to £24.1 million from £13.3 million a year earlier, according to the latest broker accounts filed with Companies House.
Net profit at the FCA-regulated entity rose to £18m, up 81% from £9.9m in financial year 2024. Trading revenue from commissions, swaps and spreads on CFDs and spread betting reached £15m, up 15.5% from £13m the previous year.
But the biggest swing came from outside the trading book. Other income, which the company attributes mostly to services provided to other entities within the group, jumped to £22.9 million from £13.2 million. Of this, £21.4 million represents an allocation to repatriate profits from another group entity, the filing shows. Interest income contributed an additional £1.5 million.
|
metric |
2025 (million pounds sterling) |
2024 (million pounds sterling) |
It changes |
|
Trading revenues |
15.04 |
13.02 |
▲ 15.5% |
|
Gross profit |
12.71 |
11.15 |
▲ 14.0% |
|
Another income |
22.90 |
13.24 |
▲ 73.0% |
|
Total expenses |
(11.53) |
(11.11) |
▲ 3.8% |
|
Operating profit (before tax) |
24.07 |
13.27 |
▲ 81.4% |
|
Net profit (after tax) |
18.00 |
9.94 |
▲ 81.1% |
The 2025 figures represent a rebound for the London branch, which reported a slight decline in revenue the previous year. like Finance Magnates reported in early 2025Pepperstone Limited ended the 2024 financial year with trading revenues of £13m and profits of £9.9m, along with its first dividend in years.
The latest filing shows that the company added 272 new trading instruments across asset classes during the year, taking the total catalog to more than 1,700 CFD and spread betting products. The broker said it remains focused on professional traders and retail clients “who are generally experienced and familiar with derivatives and financial markets.”
The UK entity averaged 27 staff, which is broadly flat year-on-year, while the wider Pepperstone group employs more than 600 staff. Staff expenses rose to £4.8 million from £3.8 million.
Spread betting players crowd the shrinking UK field
In the UK, Pepperstone operates in a market that has consolidated around a handful of big names, even as new entrants edge away from the edges. IG Group, CMC Markets and Plus500 dominate the UK listed retail derivatives space, while private rivals including Pepperstone, ActivTrades and XTB compete for the same retail and professional client base.
Group CEO Tamás Szabo previously told Finance Magnates that the UK contributes between 10% and 13% of the group’s total revenue, describing the market as “significant” despite wider industry concerns about declining retail participation in the UK.
In a Interview 2024 at the Finance Magnates Summit in LondonSzabo said the company sees cryptocurrency exchanges encroaching on the CFD space and flagged cryptocurrencies as Pepperstone’s fourth-largest asset class in terms of trading activity.
Pepperstone has differentiated its UK offering in part through its TradingView integration, having added Spread Betting on TradingView for UK Clients in 2023. This contrasts with competing approaches: CMC Markets has relied on its own next-generation platform, while IG Group continues to push its own ecosystem alongside Delicious Trading in the US.
Pepperstone’s UK license does not allow it to take market risk, with all this exposure directed to its subsidiary Pepperstone Group Limited.
It is the return of cash to the group that drives the headline number
If we exclude intra-group services income, Pepperstone Limited’s core business looks more measured than the headline profit would suggest. The £21.4m repatriation from another group entity is the largest single line item on the income statement and effectively increases the UK’s numbers compared to organic trading performance.
The company also had a £300,000 legal judgment seized the previous year after the Financial Ombudsman Service ruled in its favor on the underlying complaint, according to filing notes. UK corporation tax expenditure of £6.1 million brought the effective tax rate closer to 25%.
Dividends paid during the year totaled £8.5m, up from £6.3m in FY24, with all of it flowing to direct parent FX MidCo Pty Ltd in Australia. Segregated customer cash held in designated accounts ended the period at £26.2 million, broadly flat against £27 million the previous year.
Capital reserves lie well above the regulatory floor
The UK entity reported a tier 1 capital adequacy ratio of 427% and a liquid asset ratio of 877% as of 30 June 2025, with regulatory tier 1 capital of £12.4 million. Both figures are well above the minimum required under the UK investment firm prudential regime which applies to MIFID investment firms.
The auditor Ernst & Young signed off on the accounts on 21 October 2025 and issued an unqualified opinion. The Board includes Group CEO Tamás Szabo, Savakis Ioannou and Robert Bowen, who joined the London office in 2019 from Group IG, as Finance Magnates. reported at the time. The wider Pepperstone group is ultimately controlled by FX HoldCo Pty Ltd, registered in Melbourne.
