Pepperstone Limited, the UK-registered subsidiary of Pepperstone, has reported an increase in profits of almost 30% for the last financial year.
The brokerage reported trading revenues of £13.9 million ($17.48 million), including £10.5 million from services provided to other group companies. The company's gross profit was £11.9 million, up from £9.2 million last year.
The net profit at Pepperstone's UK unit was more than 10 million pounds ($12.58 million), Fazzaco said.
In its fiscal 2023 earnings report, the company reported a significant increase in income from other sources. The figure reached 10.5 million pounds, up from 366,177 pounds a year earlier.
Gross trading revenue increased by £1.5 million year-on-year to £11.9 million. Meanwhile, the company's staff and legal costs decreased, while marketing costs tripled to £1.6 million.
As a result, Pepperstone Limited's expenses for the last financial year rose to £9.8 million from £4.9 million in the previous financial year.
The company's operating profit before income tax was £12.6 million, compared to £4.6 million in the previous year.
The company also noted an increase in client funds to £25.16 million from £28.9 million in the previous year.
The report also stated that the company intends to "enhance its offering to professional traders and retail clients."
In the United Kingdom, Pepperstone Limited operates under a license from the Financial Services Authority. The broker offers leveraged CFD trading and spread betting products to retail and professional clients. In doing so, Pepperstone Group is not authorized to take market risk.
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