Saxo Capital Markets UK Ltd, London -based, the FCA adjustable Saxo Bank arm -based arm, reported its financial results for 2024, indicating rejection both on top and lower line, despite the increase in new customers.
SAXO UK results 2024
Revenue at Saxo UK amounted to £ 24.4 million (US $ 33.1 million) in 2024, under 13% from £ 28.0 million in 2023 net profit for 2024 at the Saxo UK amounted to £ 7.6 million, from 32% from £ 11.2 million.
Saxo UK reductions came with the backdrop of a total improvement in both Parent Saxo Bank’s earnings and profits during 2024. The Saxo UK represents about 5% of Saxo Bank’s total revenue.
Organizational change
The depressing results at the Saxo UK also came amid many organizational changes to the company, with Saxo UK Charles White-Thomson’s chief executive at the beginning of 2024, was replaced by the former Investcloud executive Andrew Bresler. At the end of the year, Saxo UK President Richard Balarkas resigned from the Board of Directors, Saxo UK director Michael Ridley resigned, and the long -term leader of Anaam Raza’s marketing left for BCG.
Saxo Bank was acquired in March 2025 by the SAFRA Group, valued at $ 1.74 billion.
Drives in detail
Return to SAXO UK’s 2024 results, the company stated that in 2024 it introduced a competitive pricing model for direct retail customers and reduced the supply of stocks, ETFs, options and future fulfillment contracts and the conversion fees, customers.
The price reduction attracted 3,600 recent commercial customers on the Saxo UK platform, which was 79% lifted from the previous year (2023: 2,000). The company continued to benefit from high interest rates during the year, however, the lowest pricing combined with the low variability of the market throughout 2024 resulted in the decline in transactions revenue for the company, as noted above.
SAXO UK’s management team said it focuses on building a significantly larger base of customers and assets, accelerating the digitization of clients without friction to “facilitate” execution with SAXO, leading customer maintenance, activating new customers and existing customers her own expectations.
The score account status and the balance sheet of SAXO UK follow below.
