ThinkMarkets UK Reports Significant Growth in Client Acquisition Despite Plummeting Profit in 2023

TF Global Markets (UK) Limited, Forex and CFDs broker ThinkMarkets’ FCA-regulated UK entity, has filed its financial report for the year ended 31 December 2023 with Companies House. 

In 2023, the company's turnover was £2,426,300, down 14.2% from £2,824,630 in the previous year. Operating profit and profit before tax were nearly halved compared to 2022: the former from £232,025 to £114,378 and the latter from £300,025 to £151,668. The net figure for 2023 plummeted 71% to £82,925 from £287,584 in the previous year.

The net assets of the UK entity at the end of 2023 were £3,543,409, an increase from £3,460,484 at the end of 2022.

“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, supported by a continued focus on attracting and retaining high-value customers,” the company filing stated.

According to the company’s report, client acquisitions grew by 246% in 2023, compared to a decline of 42% in 2022, driven by  “continued investment in the group’s multifaceted marketing approach”. In addition, total client deposits grew by 68% in 2023, compared to a 22% decline in 2022.

“The company continues to invest in strategic markets to attract high net worth customers in Tier 1 markets, offering a wide range of products on its intuitive proprietary trading platform,” the filing added.