BlackBull's Kiwi Unit's Client Funds Jump 87%, but Local Profit Dips Ahead of Public Listing

Blackbull, which is planning for a dual listing in New Zealand and Australia, has held almost NZ$100 million (US$57.9 million) in CFD client funds from its home market in the financial year ending on March 2026. The figure is almost 87 per cent higher than a year ago.

Numbers ahead of the IPO

According to the latest filing by Blackbull's New Zealand unit with the local companies register, the company ended the year with revenue of over NZ$41 million (US$23.7 million), up from NZ$31.7 million (US$18.4 million) the previous year.

After costs and expenses, the Kiwi entity ended up with a pre-tax profit of NZ$2.4 million (US$1.4 million) and netted NZ$1.7 million (US$1.0 million). Unlike the revenue, both these figures went down from the previous year's NZ$2.8 million (US$1.6 million) and NZ$1.97 million (US$1.1 million), respectively.

Out of the expenses, the most striking ones are platform costs, for which the broker spent NZ$7.4 million (US$4.3 million) and reseller fees, which almost doubled to NZ$10.9 million (US$6.3 million). Its marketing and advertising spending also jumped to over NZ$2 million (US$1.2 million) from NZ$1.7 million (US$1.0 million) a year ago.

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Will It Really Go Public?

Blackbull is headquartered in New Zealand, but the broker operates extensively outside its home country with offshore units, a model very common among global CFD brokers.

Although the broker's numbers are only from its New Zealand business, a previous report revealed that it shared with IPO investors that the business generated NZ$108 million (US$62.5 million) in revenue over the past 12 months and NZ$55 million (US$31.9 million) in EBITDA. Net profit reached NZ$38 million (US$22.0 million) over the same period, and EBITDA margins came in above 50%, the pitch materials showed.

Read more: iForex “Increased Marketing for the IPO, but Results Didn’t Follow Due to Listing Delay”

Then, the reported figures also revealed that the global broker handled a monthly trading volume of nearly $200 billion, up roughly 50 per cent from the $133 billion monthly average it posted last year. According to a year-old figure, the broker had 40,000 traders.

Founded about 12 years ago, Blackbull is one of the very few CFD brokers with plans to go public. If listed, it might be the only one in the industry to list itself in the Aussie and Kiwi markets.

Meanwhile, two co-founders of the broker, Michael Walker and Selwyn Loekman, each own approximately 30% of the company. London-headquartered LMAX Exchange Group holds around 20.8 per cent, having acquired a minority stake in BlackBull in 2024 as part of what the two firms described as a partnership to improve execution quality and expand BlackBull's cryptocurrency capabilities through LMAX's institutional digital assets infrastructure. Milford's Private Equity Fund III holds 20.6 per cent.