TrivePro, a UK-based broker, has decided to wind down its operations in the country this year. However, its parent company, Trive Financial Services UK Limited, was still required to release its annual financial numbers as per regulatory obligations. Despite the report revealing a 50% drop in net profit, the report gave no indication of possible cessation of trading activities.

TrivePro's Revenues Dropped 18%, Net Profit Halved in 2023

According to the latest report published in the UK's Companies House, Trive Financial Services UK Limited generated revenue of £8.9 million last year, which is 18% less than the £10.8 million from 2022.

Adding to this, sales costs increased by several hundred thousand, reaching almost £7 million, causing operating profit to shrink from £2.7 million to just under £635,000. Ultimately, the net profit, including “interest receivable and similar income,” amounted to £1.3 million. However, this was still 50% less than the nearly £2.7 million reported in the previous year.

However, the management's commentary on the report tried to find positives: achieving net profit for two consecutive years and reducing related expenses, including administrative costs.

“The Firm successfully reduced administrative expenses relative to previous years,” the statement read. “Additionally, the Company implemented a significant capital reduction by returning £17.2 million of shares to its immediate parent, reducing its share.”

This doesn't change the fact that in mid-July, after six months of operations in 2024, Trive Financial Services UK Limited applied to cancel its FCA license, indicating the company's plans to exit the UK markets.

Since then, the official TrivePro website has displayed the following information: “Trive Financial Services UK Ltd (Previously known as GKFX Financial Services) is no longer conducting trading activity and applied to the Financial Conduct Authority of the UK (“FCA”) to cancel its regulatory authorization, and no longer offers any investment products/services to the general public.”

From GKFX to Trive

TrivePro has been providing professional and institutional clients with high-risk over-the-counter derivative trading services, including leveraged forex and CFDs. The company, formerly known as GKFX Financial Services, was acquired by Trive Investments BV, a Dutch firm, in 2022 and subsequently rebranded.

In 2019, the UK branch underwent a strategic shift, narrowing its focus to serve only professional and institutional clients. This restructuring involved transferring retail customers to a Malta-based affiliate and changing the UK entity's name from GKFX UK to GKPro.

While TrivePro is exiting the UK market, the Trive brand continues its retail trading operations internationally. The retail arm is managed by companies with regulatory approvals in various jurisdictions, including the British Virgin Islands and Malta, where it's experiencing significant growth.

In late September, Finance Magnates reported that Trive South Africa began accepting CFD clients in the region, just two months after establishing the necessary operational framework.