ThinkMarkets UK reports a 14.2% revenue drop in 2023, while achieving a significant 246% surge in client acquisition.
ThinkMarkets UK reports a 14.2% revenue drop in 2023, while achieving a significant 246% surge in client acquisition.
ThinkMarkets experienced a 14.2 percent UK revenue drop in 2023, with turnover decreasing to £2.4 million from £2.8 million in the previous year. The company’s profits were hit even harder, as net profit plummeted by 71 percent to £82,925. Pre-tax profits declined significantly, dropping by half to £151,668 from 2022’s £300,025, according to a recent TF Global Markets (UK) Limited with Companies House filing.
The broker made notable gains in other key areas despite the financial downturn. Client acquisition surged by an impressive 246 percent in 2023, bouncing back from a 42 percent decrease in 2022. The company’s continued investment in its “multifaceted marketing approach” drove this spike in new clients.
Additionally, total client deposits rose by 68 percent, reversing the 22 percent decline the previous year. “The company performed strongly across all key measures in 2023 despite lower business volumes due to industry conditions, general economic uncertainty, and global financial markets,” the filing noted.
The company’s strategy to focus on attracting and retaining high-value clients was critical to this success. Headquartered in Australia, ThinkMarkets continued its global expansion throughout 2023. The company secured a license in New Zealand last year, following its 2022 entry into Japan, by acquiring a local FX firm.
Moreover, the UK arm established a locally regulated branch in the UAE, which began operations in the second quarter of 2024. The filing expects this new segment to boost revenue and profitability while increasing brand awareness in the Middle East under the DFSA license.
ThinkMarkets, however, has faced challenges in its plans to go public. The broker canceled its deal with a blank-check company last year, stalling efforts to list publicly. Additionally, a previous attempt to go public through an initial public offering (IPO) in Australia in 2020 was unsuccessful.
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