Trading 212 UK Limited reported profit after tax of £41.1 million for the year ended Dec. 31, 2022, down 9% from £45.3 million in the prior year, according to accounts filed with Companies House.
Revenue from investment brokerage services rose 5% to £98.7 million from £94.1 million in 2021. The FCA-regulated firm operates a zero-commission trading platform and mobile app, enabling customers to trade stocks and enter contracts for difference on various asset classes.
Operating profit fell 9% to £51.4 million from £56.2 million, while profit before tax declined to £50.9 million from £56 million. The company paid a dividend of £15 million during the year, compared with no dividend in 2021.
Administrative expenses increased 16% to £49.1 million from £42.4 million, driven by higher intercompany expenses of £14 million, up from £7.2 million, and increased staff costs of £6.8 million compared with £2.8 million the previous year.
Average headcount more than doubled to 39 employees from 17 in 2021. Directors’ remuneration totaled £1.8 million, up from £1.2 million, with the highest-paid director receiving £961,000.
Net assets increased 28% to £120.1 million from £94 million. The company held £286.5 million in segregated client money accounts at year end, compared with £292.2 million in 2021, with total client custody assets valued at £1.92 billion.
The firm temporarily paused new client onboarding during 2021 to review systems and capacity, resuming in August 2022 with 165,968 new customers onboarded by year end.
