Freetrade, Britains answer to Robinhood, posted its first quarterly profit

▤ Summary

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 reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of £100,000 ($124,863) in the first quarter of 2024, according to unaudited financial statements shared with CNBC. "We defied difficult market conditions and delivered healthy growth in 2023 while dramatically reducing losses" in 2022, said Adam Dodds, CEO and founder of Freetrade. "As we look ahead to the rest of 2024, weve got major product developments that are going to support our next phase of growth with preparations being made to roll out our web platform." Equity markets saw serious drops in 2022 as a result of macroeconomic uncertainty and higher interest rates stoked by Russias full-fledged invasion of Ukraine, which triggered a risk-off trade around the world.

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