BlackBull’s New Zealand unit reported client funds of nearly NZ$100 million for the year ended March 2026, while revenue rose above NZ$41 million and net profit declined amid higher platform, reseller and marketing costs.
Client Funds Surge as Net Profit Declines Year on Year
CFD (CFD) broker BlackBull, which is preparing for a dual listing in New Zealand and Australia, held nearly NZ$100 million (approximately US$57.9 million) in client funds in its domestic market through its New Zealand subsidiary during the financial year ended March 2026, representing an increase of nearly 87% from the previous year.
According to the latest filing submitted by BlackBull’s New Zealand subsidiary to the New Zealand Companies Register, the entity recorded the following principal financial results for the financial year:
Revenue exceeded NZ$41 million (approximately US$23.7 million), up from NZ$31.7 million (approximately US$18.4 million) in the previous financial year;
After costs and expenses, profit before tax reached NZ$2.4 million (approximately US$1.4 million), down from NZ$2.8 million (approximately US$1.6 million) a year earlier;
Net profit amounted to NZ$1.7 million (approximately US$1 million), compared with NZ$1.97 million (approximately US$1.1 million) in the previous year.
The figures show that the subsidiary maintained revenue growth, but both profit before tax and net profit declined year on year, indicating that higher revenue did not fully offset the expansion in costs and expenses.
Platform Costs and Reseller Fees Drive Expenditure
Platform costs were the most significant expense, with the broker spending NZ$7.4 million (approximately US$4.3 million). Reseller fees ranked second and nearly doubled to NZ$10.9 million (approximately US$6.3 million). Marketing and advertising expenditure also increased from NZ$1.7 million (approximately US$1 million) a year earlier to more than NZ$2 million (approximately US$1.2 million).
(Source: BlackBull’s New Zealand subsidiary,Companies Register filing, published: 22 July 2026, financial data for the year ended March 2026.)
Company Background and Global Business Scale
BlackBull was established approximately 12 years ago and is headquartered in New Zealand. It conducts extensive business outside its domestic market through offshore entities, a structure commonly used by global CFD brokers. The filing data disclosed here reflects only its local New Zealand operations.
According to information previously disclosed by the broker to initial public offering (IPO) investors, its global operations are substantially larger than those of its New Zealand entity alone:
It generated NZ$108 million (approximately US$62.5 million) in revenue over the past 12 months;
Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached NZ$55 million (approximately US$31.9 million), with roadshow materials indicating an EBITDA margin of more than 50%;
Net profit for the same period amounted to NZ$38 million (approximately US$22 million);
Monthly trading volume approached US$200 billion, approximately 50% higher than the previously disclosed average monthly volume of US$133 billion.
Based on figures from a year earlier, the broker had 40,000 traders. BlackBull has also become a premium sponsor of Auckland FC, while its marketing expenditure has continued to rise.
Comparison of Key Financial Metrics
| Metric | Current Financial Year | Previous Financial Year | Change |
|---|---|---|---|
| Client Funds | Nearly NZ$100 million | Approximately NZ$53.5 million | Increased by nearly 87% |
| Revenue | More than NZ$41 million | NZ$31.7 million | Increased year on year |
| Net Profit | NZ$1.7 million | NZ$1.97 million | Declined year on year |
| Platform Costs | NZ$7.4 million | Not disclosed | Largest individual expense |
Ownership Structure and Listing Prospects
BlackBull is one of the few CFD brokers planning to go public. A successful listing could make it the only company in the sector to be listed simultaneously in the Australian and New Zealand markets.
In terms of ownership, co-founders Michael Walker and Selwyn Loekman each hold approximately 30% of the company. London-based LMAX Exchange Group owns around 20.8%, having acquired a minority stake in BlackBull in 2024. The parties described the investment as a partnership intended to improve execution quality and expand BlackBull’s cryptocurrency capabilities through LMAX’s institutional-grade digital asset infrastructure. Milford’s Private Equity Fund III holds a 20.6% stake.
Listing Timetable Remains Unconfirmed
BlackBull has begun its IPO roadshow, but a specific listing timetable and offering terms have not yet been announced. Industry precedents show that increased marketing expenditure does not always deliver the intended results when a listing is delayed. For example, iForex increased its marketing investment in preparation for an IPO but failed to achieve the corresponding benefits after the listing was postponed. Whether BlackBull’s dual-listing plan will proceed on schedule remains dependent on further disclosures from the company.
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