Confirming our report at the time of its IPO back in February, Retail FX and CFDs broker iFOREX Financial Trading Holdings Ltd (LON:IFRX) has released its 2025 results, showing fairly flat growth in the year, while non-recurring IPO costs led to a net loss for the company.
iFOREX 2025 results
In its IPO prospectus iFOREX included results up to June 30, 2025, but indicated that full year 2025 revenue was expected to be about $49 million – similar to 2024’s $50.1 million.
Indeed, revenue at iFOREX came in at $49.1 million for 2025, down by 2% from $50.1 million the previous year. The company reported a pretax loss of $3.2 million (after-tax loss of $3.4 million) for 2025, versus a pretax profit of $6.0 million in 2024.
During 2025 iFOREX incurred non-recurring IPO-related costs of $4.1 million, and a non-cash Share Based Payments charge of $3.7 million. In addition, the delay to the company’s IPO, which was originally planned for June 2025, created disruption including increased marketing spend ahead of the IPO without the anticipated revenue benefit from being a listed company.
Operational and Strategic Highlights
- Total trading volume increased by 1.5% to $470.8bn (FY 2024: $461.0bn).
- Total active clients of 28,141, a 2.5% decline (FY 2024: 28,863).
- Average revenue per user of $1,746 (FY 2024: $1,737).
- Onboarded 13,579 new clients (FY 2024: 13,632).
- Average client acquisition cost increased to $695 (FY 2024: $401), reflecting higher marketing expenditure associated with the delayed IPO.
- Investments in platform automation and AI tools continued, with 37% of new clients onboarded without human intervention.
- Group system uptime increased to 99.985% (FY 2024: 99.965%).
- Appointed a new Chief Marketing Officer to lead marketing efforts, customer acquisition and brand positioning.
Current Trading and Outlook
iFOREX reported that it has made a positive start to the new financial year. Trading has been supported by elevated levels of market volatility in 2026, which has resulted in healthy levels of profitability. Client KPIs are also encouraging.
The Board stated that it continues to focus on driving progress in the Group’s core activities, including ongoing investment in proprietary technology and data-driven capabilities to support client engagement and activity levels in existing markets.
iFOREX said that it also continues to explore opportunities for geographical expansion, including in the UAE.
Itai Sadeh, CEO of iFOREX, commented,
“2025 was a year of significant progress for iFOREX, culminating in our successful Admission to the Main Market of the London Stock Exchange in February 2026. This milestone marks a pivotal moment in the Group’s evolution, enhancing our visibility, governance, and strategic flexibility as we position ourselves for long-term growth.
“During the year, we made meaningful strides against our strategic priorities through investment in our proprietary Trading Platform, operational capabilities and geographic footprint. Trading conditions were mixed, with strong activity and macro-driven volatility in the first half of the year giving way to a period of lower volatility in Q3, before recovering towards year-end. While costs were higher, this largely reflected non‑recurring IPO‑related investment, supporting the ongoing development and scalability of the business.
“We have started FY 2026 positively, aided by elevated market volatility. We look forward to harnessing the benefits of our Main Market listing and delivering on our strategic priorities in year ahead.”
About iFOREX
iFOREX is a long‑established broker in the global financial services industry. Founded in 1996, the company operates a proprietary online and mobile trading platform, enabling retail clients to trade Contracts for Difference (CFDs) across more than 870 financial instruments.
iFOREX Europe is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 143/11 and provides services throughout the European Economic Area (with the exception of Belgium and Cyprus) in reliance on ”passports” granted in accordance with MiFID. The Group also has relevant regulatory authorisations from the Financial Services Commission in the BVI under license number SIBA/L/13/1060.
The Group listed on the London Stock Exchange on 25 February 2026 under the ticker LSE: IFRX.
iFOREX’s full statement on its 2025 results can be seen here.
