Saxo UK Reports Profit Decline Despite Growth

Saxo UK Reports Profit Decline as Saxo Capital Markets UK Ltd experienced decreases in both revenue and profit during 2024, despite a notable increase in new client acquisitions. Revenue for the year reached £24.4 million ($33.1 million), marking a 13% drop from £28 million in 2023.

Net profit also saw a steep decline, falling 32% to £7.6 million from the previous year’s £11.2 million. These figures stand in contrast to Saxo Bank’s global performance, which showed gains in both revenue and profits for 2024. Saxo UK contributes roughly 5% to the overall group revenue. The downturn coincided with significant organizational shifts. Early in the year, CEO Charles White-Thomson stepped down and was replaced by Andrew Bresler, a former InvestCloud executive.

Saxo UK Reports Profit Decline Despite Growth

Later, Chairman Richard Balarkas resigned from the board, followed by the departure of Director Michael Ridley. Moreover, Anaam Raza, the long-standing head of marketing, left to join BCG. These leadership changes unfolded while the parent company, Saxo Bank, was acquired in March 2025 by the Safra Group in a deal valued at $1.74 billion. 

Despite these challenges, Saxo UK implemented several strategic changes aimed at enhancing client experience and competitiveness. The firm launched a new pricing model for retail clients, reducing commission fees across Stocks, ETFs, Options, Futures, and currency conversions. Additionally, they eliminated inactivity and minimum custody fees. These initiatives proved effective in client acquisition, drawing in 3,600 newly active traders in 2024, an increase of 79% from 2,000 in 2023. 

However, while the firm benefited from high interest rates, the combination of reduced pricing and subdued market volatility led to lower overall trading revenue. Looking ahead, Saxo UK’s management expressed its commitment to growth, stating that it aims to expand its client and asset base, accelerate the digitisation of client onboarding to “make it easy” to execute with Saxo, enhance customer engagement with timely and relevant content, and elevate service standards to align with the company’s high expectations. 

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