Trive Financial Services UK Revenue Drops 74% amid Exit from the Region
Trive Financial Services UK released its financials for
the year ended 2024, highlighting a 74% revenue drop £2,327,648 in 2024 from
£8,853,308 in 2023. This followed a retreat from the region’s CFD market.
Wind‑down in the UK
Trive UK, formerly
operating under the GKPro and GKFX brands, applied to cancel its FCA licence in 2024 after shifting away from retail clients and migrating that segment to Malta. The application was granted early this year.
The latest report shows that gross profit fell 70% to £562,834 from £1,870,138, while
administrative expenses decreased to £972,462 from £1,392,584 but rose as a
share of revenue.
The CFD broker generated no other operating income in 2024,
compared with £157,421 in the prior year. Interest receivable slumped to
£44,471 from £697,059. The drop in interest income reflected a much smaller
cash position as the business wound down.
Related: Broker’s Exit Suggests £1.3 Million Net Profit Is Insufficient for The UK CFD Market
Cash at bank and in hand fell sharply to £99,896 at year-end
from £2,344,225 in 2023, while net assets decreased to £2,966,878 from
£3,332,035.
Auditors have issued a qualified opinion on
the 2024 accounts, saying it could not obtain sufficient
appropriate evidence on the recoverability of a £3,429,502 debtor due from an
entity under common control. It added that this could have a material impact on the figures.
License Cancellation and Auditor’s Qualified Opinion
The company also booked a £320,099 provision for a legal
claim from a former customer, covering a potential settlement and estimated
legal costs, after legal advisers assessed the customer had more than a 50%
chance of success. Trive UK proceeded with its UK license cancellation despite
initially reporting profit for two years in a row.
Meanwhile, the group has been actively expanding in South Africa, where
Trive South Africa began onboarding CFD and derivatives clients under FSCA
oversight. It partnered with Finalto SA to bolster liquidity and ODP services,
while a Mauritius affiliate handles B2B flow in the region.
Trive is not the only CFD broker stepping back from the UK market. Other recent moves include GMI Markets’ plan to cease UK CFD operations and Gain Capital UK’s intention to surrender its FCA license for Forex.com and City Index.
This article was written by Jared Kirui at www.financemagnates.com.
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