Saxo UK Achieves 7% Profit Growth, Surpasses £2 Billion in AUM

Saxo UK‘s 2023 profit rose 7% to £11.2M, with AUM hitting £2B. Despite market challenges, the company added 4,000 clients, growing its base to 127,000.

Key Point:

• Saxo UK‘s assets under management increased by 15% to £2 billion.
• The company reported a 7% rise in net profit, reaching £11.2 million.
• Saxo UK added 4,000 new clients, bringing the total to 127,000.
• CEO Charles White-Thomson resigned in 2023, stepping down from the Board of Directors.

Saxo Bank‘s UK branch, Saxo Capital Markets UK Ltd, has reported a robust performance for 2023, highlighting significant growth in assets under management (AUM) and profitability despite navigating a challenging financial landscape.

The company’s latest filing with Companies House reveals a 15% rise in AUM, reaching £2 billion, compared to £1.6 billion in the previous year. Adding 4,000 new clients bolstered this achievement, bringing Saxo UK’s total client base to 127,000.

Saxo UK Achieves 7% Profit Growth, Surpasses £2 Billion in AUM

The company’s net profit also increased 7%, reaching £11.2 million, up from £10.5 million in 2022. Profit before tax rose by an even more impressive 13%, totaling nearly £15 million. These gains come despite trading revenue remaining relatively stable at £27.9 million, a marginal increase from £27.6 million the prior year.

Saxo UK attributed the strong results to strategic client retention and engagement initiatives. “We are driving client retention, activating our new and existing clients with timely, relevant, and engaging content, and improving our service levels to meet our high expectations,” the company said in its report.

Despite its overall success, Saxo UK acknowledged several external pressures, including geopolitical volatility, the UK’s ongoing cost-of-living crisis, and challenges in local equity markets. However, the company’s adaptability and client-focused strategies have helped it thrive in this complex environment.

The results come amid broader changes for the Saxo Group. While Saxo UK‘s profits grew, the parent company reported a net profit of DKK 260 million in 2023, a significant drop from DKK 711 million the previous year. Adjusted net profit for the group stood at DKK 653 million, reflecting a modest 8.1% growth.

Saxo UK also saw a leadership shift in 2023 with the resignation of CEO Charles White-Thomson. White-Thomson, who had been instrumental in driving the fintech firm’s growth, also stepped down from his position on the Board of Directors at Saxo Capital Markets UK Ltd.

Despite a turbulent financial climate, Saxo UK’s strong performance in 2023 signals a positive outlook for the firm as it continues to build on its strategic initiatives and drive growth in the coming years.

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