Freetrade has reached its first profitable half-year in 2024, driven by significant revenue growth.
- Revenue for the period surged by 34% compared to the previous year, totalling £13m.
- The company’s assets under administration increased by 33%, contributing to the financial upturn.
- CEO Viktor Nebehaj emphasised the role of efficiency and focused execution in achieving profitability.
- Freetrade is repositioning its efforts by withdrawing from the Swedish market to concentrate on the UK.
Freetrade, a British investment platform, has reported its first half-year profit in 2024, marking a significant milestone for the company. This achievement comes after a notable increase in revenue, which rose by 34% to reach £13m. This financial success underscores a meaningful advancement in the company’s financial health.
A key factor contributing to this profit is the increase in the company’s assets under administration, which grew by 33%. This growth in assets has played a pivotal role in the company’s improved financial performance. Gross profit reached £12.3m, allowing Freetrade to transition from an adjusted loss of £5.6m in the same period last year to a modest gain of £91,000.
The newly appointed CEO, Viktor Nebehaj, has attributed this success to the enhanced pace of execution and the efficient operations of a streamlined team. He noted, “Our pace of execution has accelerated meaningfully, while the team has remained lean and efficient.” Nebehaj, who assumed the role of CEO in May, replacing co-founder Adam Dodds, is optimistic about the company’s future potential, describing an “incredible opportunity” to transform Freetrade into a leading self-directed investment platform in the UK.
In a strategic move to hone its focus, Freetrade has decided to withdraw from the Swedish market, previously its only international presence. This decision aligns with the company’s strategy to concentrate its resources and efforts on expanding its influence within the UK. Nebehaj stated, “We’re just scratching the surface of a rapidly changing investment platform market in the UK and we are positioned to seize opportunities to take our growth to the next level.”
Freetrade’s strategic focus on the UK market and efficacious management have been critical in achieving its first half-year profit.
