Trading 212 UK Limited reported a profit after tax of £30.4 million for the year ended Dec. 31, 2023, down 26% from £41.1 million in the prior year, according to accounts filed with Companies House.
Revenue for the FCA-regulated stockbroking and CFD platform fell 3.5% to £95.3 million from £98.7 million in 2022, marking a continued stabilization following exponential growth between 2019 and 2021, the company said in its strategic report.
Profit before tax declined 24% to £38.7 million from £50.9 million the previous year. The drop came despite a significant boost in finance income, which jumped to £14.8 million from £452,000 in 2022, driven by higher interest rates on bank deposits.
Administrative expenses rose 45% to £71.2 million from £49.1 million, primarily due to increased marketing activities that resumed in late 2022. The company paid £20.4 million in dividends during the year, up from £15 million in 2022.
Net assets increased to £130.1 million from £120.1 million year-over-year. The company held £391.2 million in segregated client money accounts as of Dec. 31, 2023, up from £286.5 million the prior year. Client custody assets reached £2.97 billion, compared to £1.92 billion in 2022.
Average headcount fell slightly to 35 employees from 39 in 2022. The company operates a zero-commission model for its stockbroking business, earning fees from currency conversions, interest on client funds, and a stock lending program launched in mid-2023.
