- Trading 212 UK’s profits dropped by 28% in 2023 due to a rise in marketing expenses.
- The brokerage firm saw significant growth in interest income, active users, and client assets.
Trading 212 UK, a prominent online brokerage, reported a dip in revenue and profits in 2023, despite enjoying a substantial increase in interest income.
The company’s pre-tax profit fell by 28% year-on-year, landing at £38.6 million, while revenue decreased by 3%. This decline was attributed to a significant rise in marketing expenses, which grew by 45% to £71.2 million.
Despite the setbacks, Trading 212 UK noted that the results mark a “continued stabilization in revenue” following the explosive growth witnessed from 2019 to 2021.
The company also experienced a major boost in interest income, generating £14.8 million, thanks to rising interest rates.
Notably, Trading 212 UK witnessed positive growth in several key areas. The number of monthly active users and trades increased by 28% and 32%, respectively.
Additionally, the value of client deposits and monies climbed by 22% and 37%, respectively, with client custody assets growing by a notable 55%.
