Trade Nation UK Experiences A 26% Increase In Staff Expenses

Trade Nation, which gives out options for spread betting and Contracts For Difference (CFD), saw its UK revenue drop, resulting in a £2.2 million loss. The company gives trading services worldwide, with offices in the UK, South Africa, Seychelles, Bahamas, and Australia.

Licensed by the FCA, the firm’s main office is in London. The branch recently reported its 2023 results, showing a worse performance compared to the previous year. It showed a 5% drop in revenue and a more than 300% fall in operating profit.

Trade Nation Seeks To Maintain And Grow Its Business Despite Challenges

The reported revenue dropped to £13.4 million, down from £14 million last year. The £1.2 million operating profit became a loss of £2.6 million. The net loss was £2.2 million, in contrast to a £1.2 million profit in 2022.

According to the firm’s report, the UK retail market brought in more revenue under its FCA license and remains an important area for the business. Even though total revenue and management fees dropped in 2023, other parts of the business in different regions kept growing their customer numbers.

The firm said the net loss wasn’t due to the small drop in revenue compared to 2022. However, it was caused by more staff and higher spending on advertising and marketing.

Moreover, administrative costs went from £12.5 million to £15.7 million up by 26% in 2023. The firm added 23 workers to the initial 66 workers, and salary costs increased by £2 million, reaching £7.3 million.

Trade Nation Wants To Offer Ultra-Low-Cost Fixed Spread Trading

Interestingly, the report shows that the biggest part of the British company’s revenue comes from North America, not the UK. Out of almost £14 million in revenue, £10.1 million came from North America.

The firm has just revealed that it will integrate with the TradingView platform. This lets users trade spread bets and CFDs on over 1,000 markets, including global shares, commodities, indices, and forex pairs, using TradingView’s advanced charting tools.

Trade Nation is a globally regulated and award-winning broker with a mission to offer the benefits of ultra-low-cost fixed-spread trading. For the past decade, it has helped more than 100,000 traders access the markets without overpaying.

Trade Nation, originally called Core Spreads, has gained respect as a trading platform since it started operations in 2014. The firm is focused on transparency for clients and employees, and is regulated by some of the world’s top financial authorities.