Trading 212: UK revenue spikes as profit passes £50m
Revenue at the UK arm of Trading 212 spiked last year as profit surged past the £50m mark, it has been revealed.
New accounts filed with Companies House show the division achieved a revenue of £161.7m during 2024, up from the £104.1m it posted in the prior 12 months.
Trading 212’s UK pre-tax profit also jumped in the year from £38.6m to £52.9m.
According to the new accounts, Trading 212’s UK arm paid a dividend of £13.6m in 2024, down from £20.3m. It also paid a dividend of £4m in March this year.
The division earned £150m through investment brokerage services, up from £95.3m, while income from net client interest rose from £8.8m to £11.6m.
It also raked in £1.6m in deposit fees, up from £1.1m.
However, its expenses surged from £71.1m to £113.3m in the year driven by a rise in advertising and marketing costs from £18m to £39.5m.
During 2024, the UK arm of Trading 212 increased its headcount from 34 to 53.
How does Trading 212 compare to Etoro?
The UK results come after the wider Trading 212 group reported in October 2024 that it had achieved a pre-tax profit of £32m for 2023, down from the £40.5m it posted in 2022.
The group’s revenue increased over 2023 from £114.9m to £116.1m.
The 2024 accounts of the wider group are expected to be filed with Companies House by the end of September.
Trading 212 is owned by Bulgarian entrepreneurs Borislav Nedialkov and Ivan Ashminov.
The group also operates subsidiaries in Bulgaria, Cyprus and Australia.
In October last year, the UK arm of Trading 212 rival Etoro posted a net income of $125.7m (£95.8m) for 2023, down from the $147.2m (£112.2m) it reported in 2022.
The arm’s latest total came after it racked up a net income of $264.1m (£201.3m) in 2021.
Etoro’s trading commissions also fell from $131.3m (£100m) to $106m (£80.8m) in the year, having totalled $307.8m (£234.6m) in 2021.