Freetrade, the British stock trading app, has reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of £100,000 ($124,570) in the first quarter of 2024. This marks the company's first move into profitability and is welcome news for its crowdfunding investors. Freetrade's valuation has been reduced by 65% to £225 million ($280.3 million) from £650 million in 2023, citing a challenging market environment with higher interest rates and inflation.
Freetrade reported adjusted earnings before interest, tax, depreciation, and amortization of £100,000 in the first quarter of 2024.
British stock trading app Freetrade hit eked out breakeven earlier this year, the company told CNBC, marking its first-ever move into the black after incurring full-year losses in 2023.Freetrade reported adjusted earnings before interest, tax, depreciation, and amortization of £100,000 in the first quarter of 2024, according to unaudited financial statements shared with CNBC.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.
Net inflows totalled £130 million in the first quarter, too, as retail investor activity grew in response to resurgent markets last year. Assets under administration also reached £1.8 billion. Equity markets saw serious drops in 2022 as a result of macroeconomic uncertainty and higher interest rates stoked by Russia's full-fledged invasion of Ukraine, which triggered a risk-off trade around the world.Freetrade is a competitor to Robinhood, the U.S. stock trading platform. Robinhood recently relaunched in the U.K. in March, in its third attempt to crack the European market.
Freetrade Adjusted EBITDA Profitability Valuation Crowdfunding Stock Trading App Market Environment Interest Rates Inflation
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