The revenue of the UK company jumped to £10.79 million.
The business was rebranded to Trivepro last year.
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.”
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.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
ASIC Takes Aim at Cold Calling Business Models Harming Consumers
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa