Freetrade has reported a landmark achievement by posting a profit for the first half of the year.
- The British investment platform’s revenue surged by 34%, reaching £13 million.
- Gross profit increased significantly, swinging from a £5.6 million loss to a £91,000 gain.
- Freetrade’s assets under administration grew by a substantial 33%.
- The company is refocusing its efforts on the UK market after withdrawing from Sweden.
Freetrade, a prominent British investment platform, has achieved its first half-year profit milestone as of 2024. The platform experienced a remarkable 34% revenue increase compared to the first half of 2023, totaling £13 million. This surge can be attributed to the company’s strategic adjustments and market positioning.
In an impressive turnaround, Freetrade’s gross profit shifted from a £5.6 million loss in the previous year to a profit of £91,000. This financial leap reflects the company’s effective management and streamlined operations, maintaining a lean and efficient team as highlighted by CEO Viktor Nebehaj.
Freetrade attributes their financial success to a 33% growth in assets under administration. CEO Viktor Nebehaj expressed confidence in the company’s future, emphasizing the accelerated pace of execution and the potential to redefine individual investment management. The strategic direction under Nebehaj’s leadership, which began in May, indicates a comprehensive plan to enhance the platform’s presence within the UK.
Nebehaj stated, “We have the people and purpose-built tech that positions us to transform how individuals manage their life savings.” His vision for Freetrade includes becoming a leading self-directed investment platform in the UK, further capitalizing on the evolving market dynamics.
In line with its strategic objectives, Freetrade has made a pivotal decision to concentrate solely on the UK, withdrawing from Sweden to consolidate its efforts and resources. This move signals a commitment to strengthening its domestic foothold and expanding its influence in the UK market.
Freetrade’s strategic realignment and financial achievements position it as an emerging leader in the UK investment platform sector.
