Freetrade reports a successful half-year profit, marking a significant milestone for the UK-based investment platform.
- The firm recorded a revenue of £13m, experiencing a 34% increase from the same period in 2023.
- Gross profits reached £12.3m, moving from a previous adjusted loss of £5.6m to a profit of £91,000.
- A 33% increase in assets under administration contributed to the revenue surge, according to CEO Viktor Nebehaj.
- The company has shifted focus to the UK market, withdrawing from its only international operation in Sweden.
The British investment platform, Freetrade, marked its first significant profit milestone for the first half of the year. The company reported a notable £13m in revenue during this period, representing a substantial 34% increase compared to the same timeframe in 2023. This financial growth indicates a strong upward trajectory for the company as it continues to establish its presence within the competitive investment platform market.
During this profitable period, Freetrade achieved gross profits of £12.3m, a significant turnaround from the previous year’s adjusted loss of £5.6m. The current profit of £91,000 signals the company’s successful navigation through financial challenges. The firm attributes this financial recovery to its increased assets under administration, which saw a 33% rise.
In a statement reflecting on Freetrade’s progress, CEO Viktor Nebehaj highlighted the company’s streamlined operations and strategic focus, which have significantly contributed to their financial success. Nebehaj stated, “Our pace of execution has accelerated meaningfully, while the team has remained lean and efficient.” This strategic leadership has led to a strengthened market position and a promising outlook for future growth.
Nebehaj, who stepped into the role of CEO in May, replacing co-founder Adam Dodds, articulated a forward-looking vision for Freetrade. He perceives an enormous potential for the platform to evolve into a leading self-directed investment outlet in the UK. “As I reflect on my first three months as CEO, there is an incredible opportunity for us to transform Freetrade into a leading self-directed investment platform in the UK. But we’re not stopping there,” Nebehaj noted, underscoring the firm’s commitment to capitalising on burgeoning opportunities within a rapidly evolving market.
In alignment with its new strategic direction, Freetrade decided to cease operations in Sweden, its sole international market, choosing instead to consolidate efforts and resources within the UK headquarters. This decision underscores the firm’s intent to fortify its foothold domestically, thereby enhancing its competitive stance in the UK.
Freetrade’s financial achievements in the first half of the year signify a pivotal step in its growth and strategic focus on the UK market.
