Fortrade increased revenue by 23% to £26.1 million in 2025, its highest since 2022, according to accounts the London-based broker filed with Companies House yesterday (Wednesday). Net profit fell 21% to £1.08 million as the tax charge nearly tripled.
Profit before tax slipped 4% to £1.44 million. In 2024, when Fortrade lifted revenue 7% and operating profit 45%, a £151,288 research and development tax refund for earlier years helped hold its effective tax rate near 8%. In 2025 the rate was about 25%, the UK main rate.
London's trading industry is coming home!
Fortrade Limited is authorized by the Financial Conduct Authority (FCA) and earns its revenue from trading contracts for difference (CFDs) with clients as principal. It hedges those trades, according to the accounts.
Revenue Recovers, Gross Margin Narrows
The 2025 figure remains 19% below the £32.3 million Fortrade booked in 2022. Revenue then fell 39% in 2023, even as profit rose, before recovering to £21.2 million in 2024.
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Cost of sales rose 28% to £20.2 million last year, ahead of revenue growth. Gross margin narrowed to 22.8% from 25.5%, a decline of 2.7 percentage points, although gross profit still increased 10% to £5.96 million.
Administrative expenses grew 15% to £4.7 million, and operating profit fell 5% to £1.27 million. Interest on bank deposits added £175,719.
The directors described the results as satisfactory "given the difficult trading conditions and increasing competition in its core market," according to the annual report.
Fortrade continues to look for opportunities abroad, but the directors expect future profitability to come mainly from its existing core market, the report says.
Other UK Broker Filings
Other FCA-regulated brokers have also reported growth in their latest accounts. EC Markets' UK unit nearly doubled revenue to more than $6.3 million and increased staff to 18.
At the other end of the scale, Trading 212's UK arm grew revenue 72% to £277.6 million and more than doubled its profit.
Axi's UK entity, whose financial year ends in June, reported a 320% jump in net profit to almost $10.2 million on revenue of $59.3 million.
Tax Charge and Cash Flow
Fortrade's tax charge rose to £356,831 from £123,012. UK corporation tax made up £307,540 of the total, with £49,291 charged abroad.
Operations absorbed £449,520 of cash in 2025. A year earlier, they generated £3.32 million. After tax paid, the net operating outflow was £626,166, and cash at the year-end fell 6% to £6.02 million.
Net assets rose 8% to £15.1 million, and Fortrade paid no dividend.
| £ million | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | 26.13 | 21.18 | +23% |
| Gross profit | 5.96 | 5.41 | +10% |
| Operating profit | 1.27 | 1.34 | -5% |
| Profit before tax | 1.44 | 1.50 | -4% |
| Net profit | 1.08 | 1.37 | -21% |
| Cash at year-end | 6.02 | 6.40 | -6% |
Staff and the Wider Group
Fortrade employed an average of 50 people, including three directors, up from 43. Staff costs rose 12% to £2.96 million, and the highest-paid director received £251,973.
Fortrade Limited has two subsidiaries, which provide back-office support from Israel and Serbia. Its licensed sister companies in Cyprus, Canada and Australia sit outside that structure.
The newest sister company is in Dubai, where Fortrade received a license from the Dubai Financial Services Authority (DFSA) in January. At the end of 2025, the UK group owed Fortrade DIFC £668,896 in trading liabilities, up from nothing a year earlier.
Fortrade's Belarusian unit, Fort Securities BLR, lost its local license at the turn of 2024. The UK company's parent is Alba Capital SA, and its ultimate controller is Liechtenstein-registered Juricon Treuhand Anstalt, the accounts say.
The UK group also recharged £8.56 million of costs to its sister company Fortrade (Mauritius) Limited during the year, up from £6.77 million in 2024.
