Tickmill UK 2023 Results Announced: Revenue Up Modestly, Net Profit Down Sharply

Tickmill UK Ltd, the UK branch of Forex and CFD provider Tickmill Group, has filed its report and financial statements for the year ended December 31, 2023, with Companies House. The filing reveals an increase of 7.5% in the company’s revenues, from 2022’s £6,177,197 to £6,641,693 in 2023, as a result of a different mix of traded products and an increase in swap income due to the recent increases in interest rates.

Tickmill UK’s administration expenses soared to £9,527,608, an approximately 68% increase from the previous year’s £5,673,253. Despite an operating loss of £107,188, the company achieved a pre-tax profit of £122,905, indicating some level of profitability amidst escalating costs.

“Changes implemented during 2023 to the process of the company recharging costs to and from Tickmill Group entities resulted in variances in total administrative costs and other operating income for the year and the company was able to deliver another positive result in terms of profitability as profit before tax for the year was £122,905,” the company stated in the filing.

However, the net profit for 2023 dropped sharply to £77,519, down from £643,284 in the previous year. 

Tickmill UK also reported client assets under management of £15.6m for 2023, higher than 2022’s £16.7m.