WikiFX report: Exclusive: Core Spreads revenues down 17% in 2019, launches Trade Nation

FNG Exclusive… FNG has learned via regulatory filings that FCA licensed FX, CFDs, and spreadbetting broker Core Spreads saw a significant decline in activity in 2019, although the company remained profitable.

Core Spreads parent company Finsa Europe Ltd reported revenues of £6.8 million (USD $9.1 million) for the 12 months ended November 30, 2019, down from £8.2 million the previous year. The company managed to cut costs alongside the revenue drop, such that net profit for 2019 was £1.2 million, up from £0.8 million in 2018.

Client deposits with Core Spreads dropped during the year, from £4.7 million as at year-end 2018 to £3.3 million in 2019.

Over the past few months Finsa Europe – while continuing to run the Core Spreads brand – has poured most of its efforts into launching a new online trading brand called Trade Nation, at tradenation.com. The company calls Trade Nation a much-improved service and user experience for retail and professional traders. Finsa stated that client service, product enhancement, client retention and improving the trading experience will be key differentiators for the new brand.

As with many other online brokers, Finsa reported that to date in 2020 (through to August) client trading activity is “exceeding expectation” at Core Spreads.

Finsa Europe and its various brands are controlled by UK entrepreneur Jasper White, who bought control of the company (then known as The Trader Management Company Limited) in 2014. Jasper White was previously CEO of sports betting concern Gambit Research. The company is run day-to-day by CEO Stuart Lane.