Acetop Financial Limited, the London-based CFDs and spread betting provider, swung to a pretax loss in 2025 as client trading volumes fell more than a fifth from the prior year's gold-fueled peak.
The FCA-regulated firm posted a loss of £35,691 for the year ended December 31, compared with a profit of £234,128 in 2024, according to its annual report filed with Companies House.
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Revenue at the UK broker, controlled by Hong Kong resident W S Lau through a British Virgin Islands parent, dropped to £820,647 from £922,946 a year earlier.
Notional trading volumes came in at about $9.5 billion, down from $12.1 billion in 2024, when activity tripled on the back of record spot gold prices.
Gold Concentration Cuts Both Ways
Spot gold remains the firm's dominant product. The annual report says trading "remained concentrated in Spot Gold," with most volumes generated through outsourced liquidity arrangements and matched with institutional counterparties.
Net gain on trading of financial products halved to £100,647 from £202,946 a year earlier. Service fees, billed to group affiliates, stayed flat at £720,000 and provided the bulk of the top line.
Management blamed the softer year on a quieter trading environment after 2024's run, when bullion's near-30% rally lifted volumes across the desk.
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"Market conditions during the year were characterized by changes in volatility levels, more cautious client trading behavior and increased competitive pressures," the directors wrote in the filing.
Despite the swing to red, they said the firm "remains financially stable and adequately capitalized."
The concentration in a single product mirrors what other UK and offshore players have flagged. ACCM reported in the first quarter of 2026 that gold drove 91% of its CFD trading activity, showing how dependent parts of the retail mix have become on a single instrument.
Interest Costs Erase Operating Gains
Acetop still generated an operating profit of £65,709, though that was down 71% from £225,123. The line that tipped the bottom line negative was interest payable, which jumped to £101,400 from just £5,815 a year earlier.
The filing shows directors are owed £314,400 in an interest-free loan, up from £242,667. Foreign exchange losses of £95,980 also weighed on the result, reversing a £13,081 gain the prior year.
KPIs at a glance
Metric | 2025 | 2024 | Change |
Revenue | £820,647 | £922,946 | -11% |
Operating profit | £65,709 | £225,123 | -71% |
Profit/(loss) before tax | (£35,691) | £234,128 | n/m |
Notional trading volume | ~$9.5 bn | ~$12.1 bn | -21% |
Total assets | £2.82 m | £2.95 m | -4% |
Net assets | £1.81 m | £1.85 m | -2% |
Source: Acetop Financial Limited, Companies House filing for the year ended 31 December 2025.
UK Broker Filing Season Diverges Sharply
Acetop's slowdown sits in contrast to other UK FCA-regulated brokers reporting in recent weeks. FxPro's UK arm saw 2025 trading volumes climb 7% to $87 billion, with the firm's net notional exposure to commodities expanding to £10.9 million from £2.6 million as gold activity picked up. The same gold rally that lifted FxPro left Acetop behind.
The wider picture across UK retail brokers in this filing cycle has been uneven. Gildencrest Capital swung to a $28 million profit in its second year as an equity pivot delivered, while IG-owned Freetrade saw losses widen to $244 million in its first full year under new ownership.
Capital Position and Outlook
Net assets edged down to £1.81 million from £1.85 million, and cash holdings rose slightly to £1.62 million. The firm said it remained in compliance with FCA capital requirements throughout the year.
Acetop also extended its lease at 13 St. Swithin's Lane in the City of London for five years through 2030.
The company sits at the small end of a shrinking pool. As of December 1, 2025, just 74 FCA-regulated firms held permissions to offer CFDs to retail clients, with the broader regulator's CFD portfolio standing at 105 firms.
On January 27, 2026, the company issued 9,990 additional ordinary shares of £1 each, carrying equal voting rights, the filing disclosed.
The directors said they remain "cautiously optimistic" about prospects, citing what they described as a resilient business model, established client relationships and a strong capital base.
