Auckland-based retail broker BlackBull Markets made over NZ$31m ($18.8m) in revenue from its entity in New Zealand in the 12 months to the end of March 2025.
The broker, which is partially owned by liquidity provider LMAX, also operates an entity in the Seychelles, meaning these results are not reflective of the group’s total revenue figures.
The accounts are further complicated by the fact that BlackBull runs an STP model, where it sends flow from its New Zealand-regulated entity to another company the firm operates.
That being said, the accounts are at least a sign of how successful the firm has become, particularly in its home market, where it seems the bulk of its web traffic is coming from.
Net income was NZ$ 2.8m…or was it?
After expenses, BlackBull generated NZ$2.8m (approx. $1.7m) in pre-tax net income.
However, the structure of the company is such that one of its largest payments was made to an entity that is also owned by the company.
BlackBull paid another group NZ$5.5m ($3.3m) for use of intellectual property. But given they are owned by the same people, it’s hard to see how this impacts the broker’s bottom line on a group level.
Another nice feature of the firm is that it launched a share-based compensation scheme for employees in 2023 and has continued to do so until today.
This is actually comparatively rare in the CFD industry and, as few companies end up going public, it can mean that employees are effectively limited to only ever enjoying bonuses. T
That’s not necessarily bad but having equity ownership means longer term benefits and – arguably – an ability to benefit from the company’s long-term success that provides more of an incentive to do a good job.
