Saxo UK 2023 Success: Profit Rises 7%, AUM Surges to £2 Billion

Saxo UK reports that 2023 net profit rose 7% to £11.2M, and AUM hit £2B. The client base grew by 4,000 despite economic challenges, while trading revenue remained steady at £28M.

Key Points:

• Saxo UK’s net profit rose 7% to £11.2 million in 2023, up from £10.5 million the previous year.
• AUM increased by 15%, reaching £2 billion, up from £1.6 billion in 2022.
• Saxo UK’s client base grew by 4,000, totaling 127,000 clients.
• Trading revenue remained steady at £27.9 million, slightly from £27.6 million the previous year.
• Saxo Group’s net profit fell to DKK 260 million, down from DKK 711 million in 2022, but adjusted profit rose by 8.1%.
• CEO Charles White-Thomson resigned, marking a significant leadership transition for Saxo UK.

Saxo Bank‘s UK has reported impressive financial growth for 2023, with a 7% rise in net profit and a significant increase in assets under management (AUM) to £2 billion. The company’s latest financial report, filed with Companies House, underscores its resilience and ability to navigate ongoing economic and geopolitical challenges.

Saxo UK 2023 Success: Profit Rises 7%, AUM Surges to £2 Billion

Despite relatively flat trading revenue of £27.9 million—up slightly from £27.6 million in 2022—the company achieved a net profit of £11.2 million, a 7% increase from the £10.5 million recorded last year. Profit before tax surged by 13% to nearly £15 million.

The company’s AUM increased by a remarkable 15%, from £1.6 billion in the previous year to £2 billion. Additionally, Saxo UK attracted 4,000 new clients, bringing its total client base to 127,000.

Saxo UK acknowledged the broader economic headwinds in its report, stating that “geopolitical volatility, the cost of living squeeze in the UK, and ongoing challenges in the equity markets” posed difficulties. However, the company’s strong focus on client retention and engagement helped mitigate these pressures.

“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 noted in its report.

While the UK branch posted strong results, Saxo Group, the parent company, reported a decline in its global net profit, which fell to DKK 260 million from DKK 711 million in 2022. However, the adjusted net profit remained at DKK 653 million, reflecting a modest 8.1% growth.

The report also highlighted leadership changes, with CEO Charles White-Thomson stepping down earlier this year. White-Thomson had played a pivotal role in Saxo UK’s development and growth, resigning from the Board of Directors of Saxo Capital Markets UK Ltd.

With £2 billion in AUM and growing client numbers, Saxo UK’s performance in 2023 underscores its ability to thrive in a challenging environment, positioning it well for future growth.

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