Trade Nation Caps Off 2022 with 300% Profit Growth in the UK

Trade Nation Caps Off 2022 with 300% Profit Growth in the UK

Time Stamp: August 16, 2023 5:56 PM
Source Node: 2217328

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 from the previous fiscal year.

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 by 42%
from £9.9 million in 2021 to £14 million.

Furthermore,
Trade Nation’s operating profit skyrocketed by 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,
the spread betting saw 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 from 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 recent 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.

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 from the previous fiscal year.

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 by 42%
from £9.9 million in 2021 to £14 million.

Furthermore,
Trade Nation’s operating profit skyrocketed by 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,
the spread betting saw 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 from 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 recent 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.

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