Pepperstone UK grows client assets to $19M, Revenues top $6M

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CEO: Tamas Szabo

Founded: 2010

Regulated In: ASIC (Australia), FCA (UK)

Based In: Melbourne, Australia

Monthly Volume: N/A

Platforms: MT4, MT5, cTrader, Android, iOS

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Pepperstone Limited, the London based FCA regulated arm of leading Australian Retail FX brokerage group Pepperstone, has indicated in regulatory filings that the company brought in £4.98 million (USD $6.4 million) from CFD commissions and spreads for the fiscal year ended June 30, 2018, the company’s first full year of operation.

The company grew its Client Assets from basically nil to £14.6 million (USD $18.7 million) by the end of the fiscal year, with the company reporting a client base 4,689.

Net profit for Pepperstone UK in fiscal 2018 totaled £1.7 million.

The success of Pepperstone UK contributed to what was a record year for the Australian parent company. We had exclusively reported earlier this month that Pepperstone globally grew its revenue base by 54% in 2018 to AUD $256 million (USD $184 million), with bottom-line net income of AUD $102.0 million (USD $73.3 million), up 43% from 2017.

The growth at Pepperstone UK came under the leadership of Managing Director Iain Rogers, who has since departed for the COO job at rival FX broker GMI UK, as was also exclusively reported at LeapRate. We understand that Pepperstone CEO Tamas Szabo, an alum of UK broker IG Group, is leading an active search for a replacement for Iain Rogers for Pepperstone UK.

LeapRate had exclusively reported in late 2016 on Pepperstone’s somewhat quiet entry into the FCA regulated broker market. Pepperstone acquired what is now its UK subsidiary from online entrepreneur Mohammed Tayeb, who alongside his brother Omar Tayeb established an FCA regulated shell with plans to launch a retail forex brokerage called 123FX.com. The business was never launched, and instead was sold to Pepperstone in late 2015. A visit to www.123fx.com still redirects directly to Pepperstone’s website.

This past September, after the end of Pepperstone’s fiscal 2018 year, the company’s largest outside shareholder – Aussie private equity shop CHAMP – announced that it was exiting its investment in the company, selling its stake to Pepperstone’s founders, its senior management team, and CHAMP executive Fiona Lock in a management buyout.