BP Prime’s Professional Clients Push FY24 Revenue 7x: Boosting China Retail Offerings

Black Pearl Securities Limited, which operates as BP Prime, reported a turnover of more than £16 million for the fiscal year ending 31 March 2024, compared to the previous fiscal’s £2.3 million—a 595 percent increase.

Institutional Push Pays Off

In its latest Companies House filing, the FCA-regulated company highlighted that its “institutional product offering to regulated entities and professional clients has been predominantly responsible for driving income.”

It also noted that demand for retail products on its platform declined, particularly in account applications, which led to a reduction in profit contribution.

“Both sectors, professional and retail, remain highly competitive in the marketplace,” the company stated in the filing.

Similar to other brokers, the primary source of revenue for BP Prime is from commissions, based on the volume of trades on its platform. Highlighting the revenue spike, it also concluded that its business strategy was a “success.”

However, with the increase in revenue, administrative expenses also rose by almost 64 percent to £867,324.

Another Profitable Year

In terms of profitability, BP Prime saw a boost due to the revenue surge. It closed the year with a pre-tax profit of £1.13 million, more than double the previous fiscal’s £532,000. After taxes, the net profit was £849,270, compared to £430,860 in FY23.

BP Prime also highlighted that it is continuing to “look for opportunities both in the UK and overseas.” Furthermore, it is exploring ways to strengthen its retail products in China.

“The company continues to market its key product to regulated institutional clients and is optimistic of success,” the filing added. “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.”