Revenue Hits a Three-Year High While Profitability Slips
Fortrade Limited, the London-based CFD broker regulated by the Financial Conduct Authority, has delivered its strongest top-line result since 2022. The firm's annual accounts, lodged with Companies House on Wednesday, show 2025 revenue climbing 23% to £26.1 million. Despite that growth, net profit contracted by 21% to £1.08 million, a decline driven largely by a near-tripling of the tax charge. Profit before tax edged down 4% to £1.44 million.
The tax picture shifted markedly from the prior year. In 2024, when revenue rose 7% and operating profit jumped 45%, a £151,288 research-and-development tax credit relating to earlier periods kept the effective tax rate close to 8%. In 2025, with no such credit available, the rate settled at roughly 25%, in line with the UK's standard corporation tax rate. The total tax bill rose to £356,831 from £123,012 a year earlier, comprising £307,540 of UK corporation tax and £49,291 attributable to overseas operations.
For context, the 2025 revenue figure still sits 19% below the £32.3 million the broker recorded in 2022. Revenue had dropped 39% in 2023—despite a profit increase—before recovering to £21.2 million in 2024.
Margin Compression and Cost Pressures
The cost side of the business grew faster than income, squeezing margins. Cost of sales rose 28% to £20.2 million, outpacing the 23% revenue increase. As a result, gross margin compressed to 22.8% from 25.5%, a 2.7-percentage-point decline, though absolute gross profit still expanded 10% to £5.96 million.
Administrative expenses climbed 15% to £4.7 million, pushing operating profit down 5% to £1.27 million. Interest earned on bank deposits contributed an additional £175,719 to the bottom line.
In the annual report, Fortrade's directors characterised the outcome as satisfactory "given the difficult trading conditions and increasing competition in its core market." The firm said it continues to explore opportunities in overseas markets, while directing that future earnings will be generated primarily from its existing core client base.
The broker generates its income by acting as principal on contracts-for-difference trades with clients and subsequently hedging those positions, as disclosed in the accounts.
Cash Flow, Balance Sheet, and Workforce
Operating cash flow turned negative in 2025, absorbing £449,520 of cash compared with a £3.32 million inflow in the preceding year. After tax payments, the net operating outflow stood at £626,166. Cash balances at year-end declined 6% to £6.02 million.
Net assets grew 8% to £15.1 million, and the company did not declare a dividend. Headcount rose to an average of 50 staff, including three directors, up from 43 the previous year. Total staff costs increased 12% to £2.96 million, with the highest-paid director receiving £251,973.
Competitive Landscape and International Footprint
Fortrade's results arrive amid a wave of strong figures from other FCA-authorised brokers. EC Markets' UK operation nearly doubled its revenue to over $6.3 million and grew its team to 18. Trading 212's UK entity posted a 72% revenue increase to £277.6 million while more than doubling its profit. Axi's UK unit, which reports on a June year-end, saw net profit surge 320% to approximately $10.2 million on revenue of $59.3 million.
On the corporate-structure front, Fortrade Limited operates two subsidiaries providing back-office support out of Israel and Serbia. Its licensed sister entities in Cyprus, Canada, and Australia sit outside that holding structure. The most recent addition is a Dubai operation, where the firm obtained a licence from the Dubai Financial Services Authority in January. By the end of 2025, the UK group carried £668,896 in trading liabilities to Fortrade DIFC, up from zero a year earlier.
The company's Belarusian arm, Fort Securities BLR, lost its local licence at the turn of 2024. According to the accounts, Fortrade's parent is Alba Capital SA, with ultimate control resting with Liechtenstein-registered Juricon Treuhand Anstalt.
The UK group also recharged £8.56 million in costs to Fortrade (Mauritius) Limited during the year, an increase from £6.77 million in 2024, underscoring the growing scale of intercompany transactions within the Fortrade network.
