Trade Nation, a spread betting and contracts for difference (CFD) provider, saw the profit from its UK operations jump nearly three-fold during the financial year 2022 that ended in November. The company’s profit topped £1.2 million during the period, soaring from approximately £297,000 seen in the previous fiscal year.
Trade Nation Sees Solid Growth in the UK
Details in the company’s latest annual report, which was published by the UK Companies House today (Wednesday), show that the online trading provider posted solid growth in its major metrics last year. For instance, the firm’s turnover during the period shot up 42% from £9.9 million in 2021 to £14 million.
Furthermore, Trade Nation’s operating profit skyrocketed 189% to £1.2 million, which is up from £427,000 in the prior period. In addition, the firm’s profit before tax ascended to a similar height, reaching £1.2 million from £434,000.
However, spread betting experienced a significant increase in its expenditure, which jumped higher alongside the turnover and profit. Specifically, administrative expenses towered to £12.5 million, rising from £9.9 million in the previous year.
Providing a review of its UK operations, Trade Nation noted that it continued to grow the number of its individual clients during the last fiscal year. The CFD provider added that it successfully acquired new business “at costs that remain commercial.”
“The company’s focus is to grow its brand, Trade Nation, building on the successes of its previous brand, Core Spreads, and to further enhance the customer experience to increase retention rates and encourage continued brand loyalty,” Trade Nation explained.
Trade Nation Seeks Growth
Meanwhile, Trade Nation obtained a new license in Seychelles last month, expanding its presence beyond the UK, Australia, the Bahamas and South Africa. The online trading platform noted that it plans “to provide even more customers with a competitive service they can trust.”
In recent months, the broker has gradually built up its presence in the sports industry. In June, it emerged as the sleeve sponsor of Aston Villa, an English football club. The deal followed an earlier sponsorship arrangement with two English cricket teams.
Similarly, the broker in August last year secured a deal with another English football club, Wolverhampton Wanderers FC, becoming the team’s official FX trading partner for the 2022/23 season, Finance Magnates reported.
“In just four years Trade Nation has grown from a small, low-cost, start-up to a global award-winning trading platform – growth that can only be achieved with progressive thinking and determination, two values shared with Wolves,” Russell Jones, Wolves' GM of marketing & Commercial Growth, commented on the deal at the time.
eToro partners with Reflexivity; BaFin exposes Fortex clone; read today's news nuggets.
