Broker Trading 212 Group Limited has published its 2022 financial results, which are significantly lower than the 2021 figures, as the company restructures its EU operations.
The broker's revenue for the period under review fell by 17% year-on-year to £114.9 million. The 2021 figure was £138.7m.
Trading 212's profit for 2022 fell 52% to £34.2m from £71.6m last year, due to high administrative costs.
The broker has revamped its management team ahead of the 2022 financial year, hiring chief executive Mukid Chowdhury from Tickmill, as well as Chief Operating Officer George Mantilas and Chief Financial Officer Philip Parsons, FNG said.
Trading 212 Group Limited has three divisions:
- Trading 212 UK Limited (registered in the UK and regulated by the FCA).
- Trading 212 Limited (registered in Bulgaria and regulated by the Bulgarian Financial Supervision Commission).
- Trading 212 Markets Limited (registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission).
The breakdown showed that Trading 212 UK had revenues of £98.7 million in 2022, Trading 212 Limited had revenues of £11.7 million, and Trading 212 Markets had revenues of £4.4 million.
Trading 212 Group Limited said that as of December 31, 2022, it had a total bank balance of £306.7 million in client money and client transaction accounts.
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