Trive Financial Services UK (formerly GKFX Financial Services), which is doing business as Trivepro, ended 2022 with annual revenue of £10.79 million, a yearly jump of about 815 percent. The company also pivoted from a loss of £2.2 million in 2021 to a profit of £2.49 million last year.

Boost in Business under New Ownership

The astronomical improvement in the company’s performance occurred after it was sold to The Netherlands-based Trive Investments BV last year, followed by a rebranding in September. It now offers online financial services under the brand Trivepro to professional and institutional investors.

The UK entity restructured its operations in 2019, under the former ownership, to focus only on professional and institutional clients. It migrated its retail clients to a Malta-based affiliate. At that time, it rebranded the UK business from GKFX UK to GKPro.

“The company disposed of its Investments representing the core strategy to focus on the professional and institutional business arena as a part of the global Trive Group, servicing both the Group and external clients,” the Companies House filing stated.

“As a result of the above strategic changes implemented over the last two years, revenues and related expenses have slightly increased from recent levels, providing a substantially increased gross profit.”

Diving Deeper into the Numbers

The income statement for the company shows that the higher revenue additionally pushed the sales cost to increase significantly to £6.5 million. Meanwhile, the administrative expenses of the company were reduced to £1.8 million from £7.8 million in 2021.

The company generated trading revenue predominantly through volume rebates with counterparties related by common ownership, which was influenced by the volume of trades executed on behalf of its clients. Further, it ended an agreement in 2021 to produce and provide services to the counterparties, resulting in a “slightly reduced operating income and related administrative expenses.”