Acetop UK Swings to Loss as Trading Volumes Slide 21% to $9.5 Billion
Acetop
Financial Limited, the London-based CFDs and spread betting provider, swung to
a pretax loss in 2025 as client trading volumes fell more than a fifth from the
prior year’s gold-fueled peak.
The
FCA-regulated firm posted a loss of £35,691 for the year ended December 31,
compared with a profit of £234,128 in 2024, according to its annual report
filed with Companies House.
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APAC brokers you know (and those you still don’t!)
Revenue at
the UK broker, controlled by Hong Kong resident W S Lau through a British
Virgin Islands parent, dropped to £820,647 from £922,946 a year earlier.
Notional
trading volumes came in at about $9.5 billion, down from $12.1 billion in 2024, when activity tripled on the back
of record spot gold prices.
Gold Concentration Cuts
Both Ways
Spot gold
remains the firm’s dominant product. The annual report says trading
“remained concentrated in Spot Gold,” with most volumes generated
through outsourced liquidity arrangements and matched with institutional
counterparties.
Net gain on
trading of financial products halved to £100,647 from £202,946 a year earlier.
Service fees, billed to group affiliates, stayed flat at £720,000 and provided
the bulk of the top line.
Management
blamed the softer year on a quieter trading environment after 2024’s run, when
bullion’s near-30% rally lifted volumes across the desk.
“Market
conditions during the year were characterized by changes in volatility levels,
more cautious client trading behavior and increased competitive
pressures,” the directors wrote in the filing.
Despite the
swing to red, they said the firm “remains financially stable and
adequately capitalized.”
The
concentration in a single product mirrors what other UK and offshore players
have flagged. ACCM reported in the first quarter
of 2026 that gold
drove 91% of its CFD trading activity, showing how dependent parts of the
retail mix have become on a single instrument.
Interest Costs Erase
Operating Gains
Acetop
still generated an operating profit of £65,709, though that was down 71% from
£225,123. The line that tipped the bottom line negative was interest payable,
which jumped to £101,400 from just £5,815 a year earlier.
The filing
shows directors are owed £314,400 in an interest-free loan, up from £242,667.
Foreign exchange losses of £95,980 also weighed on the result, reversing a
£13,081 gain the prior year.
KPIs at a glance
|
Metric |
2025 |
2024 |
Change |
|
Revenue |
£820,647 |
£922,946 |
-11% |
|
Operating profit |
£65,709 |
£225,123 |
-71% |
|
Profit/(loss) before tax |
(£35,691) |
£234,128 |
n/m |
|
Notional trading volume |
~$9.5 bn |
~$12.1 bn |
-21% |
|
Total assets |
£2.82 m |
£2.95 m |
-4% |
|
Net assets |
£1.81 m |
£1.85 m |
-2% |
Source:
Acetop Financial Limited, Companies House filing for the year ended 31 December
2025.
UK Broker Filing Season
Diverges Sharply
Acetop’s
slowdown sits in contrast to other UK FCA-regulated brokers reporting in recent
weeks. FxPro’s UK arm saw 2025 trading volumes climb 7%
to $87 billion, with the firm’s net notional exposure to commodities expanding
to £10.9 million from £2.6 million as gold activity picked up. The same gold
rally that lifted FxPro left Acetop behind.
The wider
picture across UK retail brokers in this filing cycle has been uneven. Gildencrest Capital swung to a $28
million profit in
its second year as an equity pivot delivered, while IG-owned Freetrade saw losses widen to $244
million in its
first full year under new ownership.
Capital Position and
Outlook
Net assets
edged down to £1.81 million from £1.85 million, and cash holdings rose slightly
to £1.62 million. The firm said it remained in compliance with FCA capital
requirements throughout the year.
Acetop also
extended its lease at 13 St. Swithin’s Lane in the City of London for five
years through 2030.
The company
sits at the small end of a shrinking pool. As of December 1, 2025, just 74 FCA-regulated firms held
permissions to
offer CFDs to retail clients, with the broader regulator’s CFD portfolio
standing at 105 firms.
On January
27, 2026, the company issued 9,990 additional ordinary shares of £1 each,
carrying equal voting rights, the filing disclosed.
The
directors said they remain “cautiously optimistic” about prospects,
citing what they described as a resilient business model, established client
relationships and a strong capital base.
Acetop
Financial Limited, the London-based CFDs and spread betting provider, swung to
a pretax loss in 2025 as client trading volumes fell more than a fifth from the
prior year’s gold-fueled peak.
The
FCA-regulated firm posted a loss of £35,691 for the year ended December 31,
compared with a profit of £234,128 in 2024, according to its annual report
filed with Companies House.
Singapore Summit: Meet the largest
APAC brokers you know (and those you still don’t!)
Revenue at
the UK broker, controlled by Hong Kong resident W S Lau through a British
Virgin Islands parent, dropped to £820,647 from £922,946 a year earlier.
Notional
trading volumes came in at about $9.5 billion, down from $12.1 billion in 2024, when activity tripled on the back
of record spot gold prices.
Gold Concentration Cuts
Both Ways
Spot gold
remains the firm’s dominant product. The annual report says trading
“remained concentrated in Spot Gold,” with most volumes generated
through outsourced liquidity arrangements and matched with institutional
counterparties.
Net gain on
trading of financial products halved to £100,647 from £202,946 a year earlier.
Service fees, billed to group affiliates, stayed flat at £720,000 and provided
the bulk of the top line.
Management
blamed the softer year on a quieter trading environment after 2024’s run, when
bullion’s near-30% rally lifted volumes across the desk.
“Market
conditions during the year were characterized by changes in volatility levels,
more cautious client trading behavior and increased competitive
pressures,” the directors wrote in the filing.
Despite the
swing to red, they said the firm “remains financially stable and
adequately capitalized.”
The
concentration in a single product mirrors what other UK and offshore players
have flagged. ACCM reported in the first quarter
of 2026 that gold
drove 91% of its CFD trading activity, showing how dependent parts of the
retail mix have become on a single instrument.
Interest Costs Erase
Operating Gains
Acetop
still generated an operating profit of £65,709, though that was down 71% from
£225,123. The line that tipped the bottom line negative was interest payable,
which jumped to £101,400 from just £5,815 a year earlier.
The filing
shows directors are owed £314,400 in an interest-free loan, up from £242,667.
Foreign exchange losses of £95,980 also weighed on the result, reversing a
£13,081 gain the prior year.
KPIs at a glance
|
Metric |
2025 |
2024 |
Change |
|
Revenue |
£820,647 |
£922,946 |
-11% |
|
Operating profit |
£65,709 |
£225,123 |
-71% |
|
Profit/(loss) before tax |
(£35,691) |
£234,128 |
n/m |
|
Notional trading volume |
~$9.5 bn |
~$12.1 bn |
-21% |
|
Total assets |
£2.82 m |
£2.95 m |
-4% |
|
Net assets |
£1.81 m |
£1.85 m |
-2% |
Source:
Acetop Financial Limited, Companies House filing for the year ended 31 December
2025.
UK Broker Filing Season
Diverges Sharply
Acetop’s
slowdown sits in contrast to other UK FCA-regulated brokers reporting in recent
weeks. FxPro’s UK arm saw 2025 trading volumes climb 7%
to $87 billion, with the firm’s net notional exposure to commodities expanding
to £10.9 million from £2.6 million as gold activity picked up. The same gold
rally that lifted FxPro left Acetop behind.
The wider
picture across UK retail brokers in this filing cycle has been uneven. Gildencrest Capital swung to a $28
million profit in
its second year as an equity pivot delivered, while IG-owned Freetrade saw losses widen to $244
million in its
first full year under new ownership.
Capital Position and
Outlook
Net assets
edged down to £1.81 million from £1.85 million, and cash holdings rose slightly
to £1.62 million. The firm said it remained in compliance with FCA capital
requirements throughout the year.
Acetop also
extended its lease at 13 St. Swithin’s Lane in the City of London for five
years through 2030.
The company
sits at the small end of a shrinking pool. As of December 1, 2025, just 74 FCA-regulated firms held
permissions to
offer CFDs to retail clients, with the broader regulator’s CFD portfolio
standing at 105 firms.
On January
27, 2026, the company issued 9,990 additional ordinary shares of £1 each,
carrying equal voting rights, the filing disclosed.
The
directors said they remain “cautiously optimistic” about prospects,
citing what they described as a resilient business model, established client
relationships and a strong capital base.
