The UK subsidiary of Trading 212 has ended 2022 with a revenue of more than £98.7 million and a pre-tax profit of over £50.8 million, the latest Companies House filing of the company revealed.

Rising Expenses of Trading 212

The revenue of Trading 212 UK Limited strengthened last year by 5 percent from £94 million in 2021. However, the other operating income of the trading platform decreased to £1.7 million from £4.5 million, and administrative expenses jumped to £49.1 million from £42.4 million.

While the financial income of the company leapt, the financial expenses also increased from £265,181 to £918,724. These factors pushed pre-tax profits down by more than 9 percent. The brokerage operator netted £41.1 million as profit from its UK operations, which is 9 percent lower than the previous year’s £45.2 million.

Trading 212 is an established brokerage brand that offers both contracts for differences (CFDs) and a stockbroking platform. Its “growth strategy remains focused o the stockbroking part of the business and growing the value of client money and client asset balances.”

“While this growth continues to be driven in part by broader market trends and activity, crucial, it is driven by the increasing popularity of T212’s platform and our product offering,” the Companies House filing added.

New Customers

On top of that, Trading 212 resumed client onboarding last year, which was voluntary and temporarily suspended in 2021 after explosive growth. Between August 2022 and the end of the year, the UK broker onboarded 165,968 new customers.

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Apart from the UK, Trading 212 has a significant presence in the European Union, where it offers services under a Cypriot entity. Following Brexit, the UK trading platform transferred about 14 percent of its customers to the Cyprus-regulated trading 212 Markets Limited. The transfer was expected to be completed in 2022 but will be finalized in 2023.

Trading 212 Group Limited, the holding company of four entities operating under the Trading 212 brand, reported total revenue of £138.7 million for the 2021 financial year, which is a jump of 11.2 percent. Its pre-tax profits that year came in 473 percent higher at £86 million. However, the group company is yet to reveal its 2022 numbers.