IronFX UK doubles revenue to $1.4 Million in 2024

Notesco UK Limited, the company behind the IronFX brand in the United Kingdom, has announced its full-year financial results for the period ending December 31, 2024. The report highlights a robust growth in revenue while net profit saw a very minor dip compared to last year.

Revenue and Expenses:

Revenue climbed to $1.44 million in 2024—more than twice the $702K recorded in 2023. Gross profit matched the revenue, as no cost of sales was reported. However, administrative expenses surged to $1.28 million, up sharply from $544K in the previous year. Despite these higher costs, the company maintained a positive operating profit of $163K, which is marginally higher than the $157K seen in 2023.

Tax and Net Profit:

Income tax expense rose to $38K, compared to $31K last year. This increase resulted in a net profit of $124K for 2024, a slight decrease from $125K in 2023. The company stressed that its risk management policy is continuously reviewed to adapt to the changing business environment and maintain robust controls.

Expansion into Prop Trading:

In other news, IronFX founder Markos Kashiouris is broadening his footprint in retail trading by launching a new proprietary trading platform called Ultimate Traders. Operated by Ultimate Traders Evaluation Ltd, a UK-registered company set up in February 2023, Kashiouris holds a majority stake of over 75% in the new venture. IronFX itself is run by Cyprus-registered Notesco Financial Services Ltd, with a UK presence overseen by the FCA and operations in Bermuda. Ultimate Traders’ only director is Andreas Pogiatzis, a resident of Cyprus, effectively linking the prop trading platform to the island’s retail trading community.