British investment platform Freetrade has achieved its first half-year profit as revenue rose significantly.
- The company reported a remarkable 34% increase in revenue, reaching £13m for the period.
- A strategic focus on UK operations contributed to this financial success.
- Assets under administration surged by 33%, driving profitability.
- Freetrade’s CEO sees immense growth potential in the UK investment market.
British investment platform Freetrade has achieved its first half-year profit as revenue rose significantly. The company, which was established in 2016, has witnessed a substantial increase in its financial performance. Notably, Freetrade’s revenue for the period climbed by 34%, amounting to an impressive £13 million.
The significant revenue growth can largely be attributed to the strategic focus on bolstering UK operations. By withdrawing from its only international market in Sweden, Freetrade concentrated its efforts and resources on strengthening its domestic presence. This decision has evidently borne fruit, as evidenced by the profit turnaround from a previous loss.
A key factor in Freetrade’s financial improvement was the substantial growth in assets under administration, which surged by 33%. This increase was instrumental in moving the company from an adjusted loss of £5.6 million in the first half of the previous year to a notable profit of £91,000.
Freetrade’s new CEO, Viktor Nebehaj, who took over the role in May, has been pivotal in steering the company towards this milestone. He emphasised the enhanced execution pace and efficiency of the team, noting the company’s innovative approach as a cornerstone of its success. Nebehaj remarked, “There is an incredible opportunity for us to transform Freetrade into a leading self-directed investment platform in the UK.”
Furthermore, Nebehaj has recognised the dynamic and rapidly evolving investment platform market in the UK, stating that the company is well-positioned to leverage emerging opportunities. His vision extends beyond the current achievements, aiming to catapult the company to new heights by tapping into the potential growth areas.
Freetrade’s strategic focus and operational efficiency have laid a solid foundation for further growth in the competitive UK investment market.
