flatexDEGIRO (ETR: FTK), a German retail online broker, published its financials for 2021, reporting a solid jump across all key financial metrics. The yearly revenue of the company jumped 60 percent to reach €418 million, making it a record year for the broker.
Additionally, it performed well in the last quarter of the year generating €103 million in revenue, which is 17 percent higher than the previous quarter. In addition, the monetization with revenues per trade improved to €5.22, compared to Q3’s €4.83.
Coming back to the yearly figures, the adjusted EBITDA of the company came in 55.4 percent higher at €177.1 million. Considering the marketing expense, the adjusted EBITDA margin improved to 53.4 percent, but the net figure dropped to 42.7 percent, declining from the previous year’s 43.6 million.
Interestingly, flatexDEGIRO doubled its marketing efforts last year, spending a total of €46 million. Last year, its client acquisition cost jumped to €58 from the previous year’s cost of €50.
“We have once more proven our ability to combine growth with profitability,” said flatexDEGIRO’s CEO, Frank Niehage.
Impressive Client Metrics
The revenue of the broker was boosted by the accelerated client activity on the trading platform . The total number of customer accounts at the end of the year increased by 55 percent to 2.06 million. Moreover, the assets under custody reached €43.9 billion at the end of the year, jumping 38 percent in twelve months.
Furthermore, the broker highlighted that it settled 91 million trades last year, which was more than any other European online broker.
“A transformational year with the merger and integration synergies came to an end, and while many companies see a performance dip during such a year, we delivered with our teams one record after another,” said Muhamad Chahrour, the CFO of flatexDEGIRO and CEO of DEGIRO.
“We are confident that the price and product measures as well as leveraging the synergies will provide a significant uptick in profitability. On top, potential positive interest rates should provide us with an additional tailwind to further improve ARPUs and margins.”
