Notesco UK posted a double‑digit improvement in 2025 as revenue rose 51% year‑on‑year and profit after tax increased 37%. This was supported by higher fees from group entities despite a sharp jump in legal and professional expenses.
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Revenue for the year ended 31 December 2025 climbed to 2.19 million dollars from 1.44 million dollars in 2024, while profit after tax advanced to 171,000 dollars from 125,000 dollars. Operating profit grew 37% to 224,914 dollars, up from 163,119 dollars a year earlier.
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Revenue Growth Driven by Group Flows
Notesco UK is a London‑based, FCA‑authorised investment firm that operates the IronFX brokerage brand in the United Kingdom and provides financial management and matched‑principal brokerage services within the wider IronFX/Notesco group.
The brokerage generates its income mainly from service‑level agreements with its wider group. Management fee revenue from Cyprus‑based affiliate Notesco Financial Services Ltd rose to 2,048,814 dollars in 2025 from 1,331,768 dollars in 2024, an increase of about 53%.
Total revenue increased 743,748 dollars to 2,185,059 dollars, compared with 1,441,311 dollars a year earlier.
Administrative expenses also moved higher, up 53% to 1,960,145 dollars from 1,278,192 dollars. Legal and professional fees more than doubled, rising 127% to 1,363,071 dollars from 598,638 dollars, and remained the largest cost component. The tax charge increased 39% to 53,919 dollars from 38,594 dollars, in line with the higher profit base and the 25% UK rate.
Balance Sheet and Cash Movements
Net assets grew 5.5% to 3,277,115 dollars at year‑end 2025 from 3,106,120 dollars a year earlier, reflecting retained earnings as no dividends were paid.
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Trade and other receivables increased 22% to 2,259,179 dollars from 1,845,807 dollars, driven mainly by intra‑group balances; amounts due from related parties reached 2,167,549 dollars. Cash and cash equivalents fell 4% to 1,695,861 dollars from 1,768,308 dollars despite the stronger profit.
Trade and other payables rose 31% to 632,293 dollars from 479,688 dollars, as accruals increased to 461,748 dollars from 170,098 dollars. The company reported no external borrowings and carried a deferred tax asset of 7,288 dollars, down slightly from 8,287 dollars.
Net cash outflow from operating activities narrowed sharply to 72,447 dollars in 2025 from 1,001,392 dollars in 2024, as working‑capital movements were less negative than in the prior year.
It sits alongside Cyprus‑registered Notesco Financial Services Ltd and offshore entities such as Notesco (BVI) Limited and Notesco Int Limited, acting as the UK hub that services clients under the IronFX name through the ironfx.co.uk domain and intra‑group service agreements.
Recently, IronFX laid off about 150 employees, or roughly 10% of its 1,500-strong workforce, in a move that sources say is driven by “efficiency” amid the rapid adoption of AI across the industry.
