FNG Exclusive… FNG has learned via regulatory filings that the 2023 Net Loss at UK based neobroker Freetrade was £13.9 million (USD $18 million), significantly larger than the £8.3 million loss the company advertised when it “released its 2023 results” via a media note distributed via CNBC back in April.
Freetrade changed its fiscal year end from September 30 to December 31 between 2022 and 2023, such that its filed 2023 financial results were for the 15 months to December 31, 2023, making a calendar-year 2023 (and comparison to calendar 2022) somewhat difficult.
However, digging into the fine print of the results, an unaudited calendar-year comparison revealed that Freetrade’s 2023 (12-month) Revenues were £21.6 million, up 45% from £14.9 million in calendar 2022. The company’s Net Loss before Tax in 2023 was £13.9 million, down £64% from a £38.8 million loss in 2022.