BP Prime Reports Surge in Revenue in FY24

Online trading brand BP Prime, operated by Black Pearl Securities Limited, has filed its annual report and financial statements for the year ended 31 March 2024 (FY24) with the UK's Companies House, highlighting a significant surge in revenues.

BP Prime reported revenues of £16.0 million for FY24, marking a substantial 590% increase from FY23’s £2.3 million. Net profit for FY24 was £849K, nearly doubling from £430K in the previous year.

As of 31 March 2024, the company held net assets of $2,254,250, reflecting an increase of nearly $250K compared to the previous year's $2,004,980.

The company attributed its revenue growth primarily to its institutional product offering for regulated entities and professional clients. However, it noted a decline in retail product account applications, leading to a reduced profit contribution. 

Looking ahead, BP Prime expressed optimism about its prospects. The company said that it continues to look for opportunities both in the UK and overseas and plans to market its key product to regulated institutional clients.  The company is also seeking to reinvigorate its retail product in China with the introduction of a new CRM, local website, and region-specific payment gateways.