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 saw its valuation reduced by 65% to £225 million from £650 million in 2023 in its latest equity crowdfunding round on Crowdcube, with the company blaming a"different market environment" plagued by higher interest rates and inflation.
"As we look ahead to the rest of 2024, we've got major product developments that are going to support our next phase of growth with preparations being made to roll out our web platform." "Ultimately, there will be multiple winners in the UK market, offering the full range of tax-wrappers and features that the local retail investor expects," he added.
Source: News Formal (newsformal.com)
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