TrivePro, a
UK-based broker, has decided to wind down its operations in the country this
year. However, its parent company, Trive Financial Services UK Limited, was
still required to release its annual financial report as per regulatory
obligations. Despite the report revealing a 50% drop in net profit, the report
gave no indication of possible cessation of trading activities.

TrivePro’s Revenues
Dropped 18%, Net Profit Halved in 2023

According
to the latest report published in the UK’s
Companies House, Trive Financial Services UK Limited generated revenue of
£8.9 million last year, which is 18% less than the £10.8 million from 2022.

Adding to
this, sales costs increased by several hundred thousand, reaching almost £7
million, causing operating profit to shrink from £2.7 million to just under
£635,000. Ultimately, the net profit, including “interest receivable and
similar income,” amounted to £1.3 million. However, this was still 50%
less than the nearly £2.7 million reported in the previous year.

However,
the management’s commentary on the report tried to find positives: achieving
net profit for two consecutive years and reducing related expenses, including
administrative costs.

“The
Firm successfully reduced administrative expenses relative to previous
years,” the statement read. “Additionally, the Company implemented a
significant capital reduction by returning £17.2 million of shares to its
immediate parent, reducing its share.”

This
doesn’t change the fact that in mid-July, after six months of operations in
2024, Trive Financial Services UK Limited applied to cancel its FCA license,
indicating the company’s plans to exit the UK markets.

Since then,
the official TrivePro website has displayed the following information:
“Trive Financial Services UK Ltd (Previously known as GKFX Financial
Services) is no longer conducting trading activity and applied to the Financial
Conduct Authority of the UK (“FCA”) to cancel its regulatory
authorization, and no longer offers any investment products/services to the
general public.”

From GKFX
to Trive

TrivePro
has been providing professional and institutional clients with high-risk
over-the-counter derivative trading services, including leveraged forex and
CFDs. The company, formerly known as GKFX Financial Services, was acquired by
Trive Investments BV, a Dutch firm, in 2022 and subsequently rebranded.

In 2019,
the UK branch underwent a strategic shift, narrowing its focus to serve only
professional and institutional clients. This restructuring involved
transferring retail customers to a Malta-based affiliate and changing the UK
entity’s name from GKFX UK to GKPro.

While
TrivePro is exiting the UK market, the Trive brand continues its retail trading
operations internationally. The retail arm is managed by companies with
regulatory approvals in various jurisdictions, including the British Virgin
Islands and Malta, where it’s experiencing significant growth.

In late
September, Finance Magnates reported that Trive South Africa began
accepting CFD clients in the region, just two months after establishing the
necessary operational framework.