British stock trading app Freetrade has disclosed that it
achieved breakeven earlier this year, marking its inaugural move into
profitability following full-year losses in 2023.
According to unaudited financial statements provided to
CNBC, Freetrade reported adjusted earnings before interest, tax, depreciation,
and amortization (EBITDA) of £100,000 ($124,863) in the first quarter of 2024.
Preliminary figures show revenue hitting £6.7 million during the same period.
Despite this, Freetrade faced a loss of £8.3 million in
2023, an improvement from the £28.8 million loss recorded the previous year.
The company’s revenues climbed to £21.6 million in 2023, marking a 45% increase
kusuka ku-2022.
Adam Dodds, CEO and Founder of Freetrade, Source: LinkedIn
Freetrade experienced a 65% reduction in its valuation
during its latest equity crowdfunding round on Crowdcube in 2023, attributing
the decline to a “different market environment” characterized by
higher interest rates and inflation.
“We defied difficult market conditions and delivered healthy
growth in 2023 while dramatically reducing losses in 2022,” said Adam Dodds,
the CEO and Founder of Freetrade. “Importantly for our crowdfunding investors, we
laid out a clear path towards breakeven during our last fundraise.”
Competition Intensifies as Robinhood Re-enters UK Market
Kwikota yokuqala ka-2024, I-Freetrade saw net inflows totalling
£130 million, driven by increased retail investor activity amid resurgent
markets. Additionally, assets under administration reached £1.8 billion during
isikhathi esifanayo.
Freetrade, Britain’s answer to Robinhood, posted its first quarterly profit https://t.co/2wgk29KtxN
- I-CNBC (@CNBC) April 15, 2024
Freetrade, often dubbed as Britain’s answer to Robinhood,
faces competition from the US-based stock indawo yokuhweba . Robinhood recently
relaunched in the UK in March, marking its third attempt to establish a
foothold in the European market. Despite this competition, Freetrade’s CEO
expressed optimism, stating: “more choice and competition are good for
retail customers.”
British stock trading app Freetrade has disclosed that it
achieved breakeven earlier this year, marking its inaugural move into
profitability following full-year losses in 2023.
According to unaudited financial statements provided to
CNBC, Freetrade reported adjusted earnings before interest, tax, depreciation,
and amortization (EBITDA) of £100,000 ($124,863) in the first quarter of 2024.
Preliminary figures show revenue hitting £6.7 million during the same period.
Despite this, Freetrade faced a loss of £8.3 million in
2023, an improvement from the £28.8 million loss recorded the previous year.
The company’s revenues climbed to £21.6 million in 2023, marking a 45% increase
kusuka ku-2022.
Adam Dodds, CEO and Founder of Freetrade, Source: LinkedIn
Freetrade experienced a 65% reduction in its valuation
during its latest equity crowdfunding round on Crowdcube in 2023, attributing
the decline to a “different market environment” characterized by
higher interest rates and inflation.
“We defied difficult market conditions and delivered healthy
growth in 2023 while dramatically reducing losses in 2022,” said Adam Dodds,
the CEO and Founder of Freetrade. “Importantly for our crowdfunding investors, we
laid out a clear path towards breakeven during our last fundraise.”
Competition Intensifies as Robinhood Re-enters UK Market
Kwikota yokuqala ka-2024, I-Freetrade saw net inflows totalling
£130 million, driven by increased retail investor activity amid resurgent
markets. Additionally, assets under administration reached £1.8 billion during
isikhathi esifanayo.
Freetrade, Britain’s answer to Robinhood, posted its first quarterly profit https://t.co/2wgk29KtxN
- I-CNBC (@CNBC) April 15, 2024
Freetrade, often dubbed as Britain’s answer to Robinhood,
faces competition from the US-based stock indawo yokuhweba . Robinhood recently
relaunched in the UK in March, marking its third attempt to establish a
foothold in the European market. Despite this competition, Freetrade’s CEO
expressed optimism, stating: “more choice and competition are good for
retail customers.”
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- Source: https://www.financemagnates.com//forex/freetrade-achieves-breakeven-100000-ebitda-amid-83-million-loss-recovery/
