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{{Infobox company
Investing in investments is one of the best ways to grow your money<ref>There is substantial evidence to suggest that investing is one of the best ways to grow your money over time. Here are a few key points:
 
1) Historical Returns: Over the long term, the stock market has provided substantial returns. For example, the S&P 500, an index of the 500 largest companies in the United States, has delivered an average annual return of approximately 10% since its inception in 1926. While past performance is not a guarantee of future returns, this long-term trend suggests that investing in a diversified portfolio of stocks can yield significant returns over time.
 
2) Compounding Interest: Investing allows your money to work for you through the power of compound interest. When you invest, you not only earn a return on your initial investment, but also on any returns that investment generates. Over time, this can lead to exponential growth in your wealth.
 
3) Inflation Hedging: Investing can help protect your money from inflation. While the value of cash can be eroded by inflation over time, investments like stocks and real estate typically increase in value at a rate that outpaces inflation.
 
4) Wealth Creation: Numerous studies have shown that the wealthiest individuals and families often have substantial portions of their wealth invested. For example, a report from the Federal Reserve found that the top 10% of U.S. households by wealth held an average of nearly 90% of their wealth in investments as of 2019.
 
5) Retirement Savings: Investing is a key component of planning for retirement. Most retirement savings strategies, like 401(k) plans and individual retirement accounts (IRAs), involve investing in a mix of stocks, bonds, and other assets.
 
While investing can offer substantial benefits, it's also important to note that all investments carry risk. The value of investments can go down as well as up, and it's possible to lose money. Therefore, it's important to thoroughly research any investment, diversify your portfolio, and consider seeking advice from a financial professional if you're unsure about where to start.
 
In addition, while investing can be a powerful tool for wealth creation, it's not the only strategy. Other important aspects of personal finance, such as maintaining a budget, managing debt, and building an emergency fund, also play critical roles in financial health.</ref>, and Freetrade is a company that's on a mission to get everyone investing.<ref name=":8" />
 
The main offering of the company is an app that enables people in the United Kingdom to buy and sell from around 6,000 investments without paying any trading commissions.<ref>https://freetrade.io/compare-plans</ref> Currently, there doesn't seem to be an obvious material uniqueness of the offering relative to peers, such as Trading 212.<ref>Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered (12,000 vs. 6,000), FX fees (0.15% vs. 0.39%) and platform usage fee [Zero vs. £5.99 per month to access the 6,000 investments (note, to access 1,500 investments only, there is no fee)].</ref>
 
Assuming that Freetrade increases its share of the global brokerage market by 1000x to 1% (from less than 0.0010%<ref>The annual global brokerage market right now (2023) is estimated at $1.30 trillion, and Freetrade generated around £12.68 million ($15.93 million) in revenue in its most recent full-year results</ref>) and other assumptions, the expected return of an investment in the company over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £100,000 investment in the company is expected to return £ccc in five years time.
 
The degree of risk associated with an investment in Freetrade is 'extremely high', with the shares having an adjusted beta that is 41x above the market (41 vs. 1).<ref>Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. 3 observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta.
 
The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'extremely high' risk, it must have a beta value of 3 or more. Further information about the beta ratings can be found in the appendix section of this report.</ref>{{Infobox company
| name = Freetrade Limited
| name = Freetrade Limited
| logo = Freetradelogo.jpg
| logo = Freetradelogo.jpg
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| net_income = {{decrease}} {{GBP|(17.11) million}}
| net_income = {{decrease}} {{GBP|(17.11) million}}
| net_income_year = 2021
| net_income_year = 2021
| assets = {{increase}} {{GBP|40.23 million}}
| assets = {{increase}} {{GBP|29.33 million}}
| assets_year = 2021
| assets_year = 2021
| equity = {{increase}} {{GBP|29.33 million}}
| equity = {{increase}} {{GBP|29.33 million}}
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| num_employees_year = 2021
| num_employees_year = 2021
| website = https://freetrade.io/
| website = https://freetrade.io/
|key_people=Adam Dodds}}
}}
 
Investing in investments is one of the best ways to grow your money<ref>There is substantial evidence to suggest that investing is one of the best ways to grow your money over time. Here are a few key points:
 
1) Historical Returns: Over the long term, the stock market has provided substantial returns. For example, the S&P 500, an index of the 500 largest companies in the United States, has delivered an average annual return of approximately 10% since its inception in 1926. While past performance is not a guarantee of future returns, this long-term trend suggests that investing in a diversified portfolio of stocks can yield significant returns over time.
 
2) Compounding Interest: Investing allows your money to work for you through the power of compound interest. When you invest, you not only earn a return on your initial investment, but also on any returns that investment generates. Over time, this can lead to exponential growth in your wealth.
 
3) Inflation Hedging: Investing can help protect your money from inflation. While the value of cash can be eroded by inflation over time, investments like stocks and real estate typically increase in value at a rate that outpaces inflation.
 
4) Wealth Creation: Numerous studies have shown that the wealthiest individuals and families often have substantial portions of their wealth invested. For example, a report from the Federal Reserve found that the top 10% of U.S. households by wealth held an average of nearly 90% of their wealth in investments as of 2019.
 
5) Retirement Savings: Investing is a key component of planning for retirement. Most retirement savings strategies, like 401(k) plans and individual retirement accounts (IRAs), involve investing in a mix of stocks, bonds, and other assets.
 
While investing can offer substantial benefits, it's also important to note that all investments carry risk. The value of investments can go down as well as up, and it's possible to lose money. Therefore, it's important to thoroughly research any investment, diversify your portfolio, and consider seeking advice from a financial professional if you're unsure about where to start.
 
In addition, while investing can be a powerful tool for wealth creation, it's not the only strategy. Other important aspects of personal finance, such as maintaining a budget, managing debt, and building an emergency fund, also play critical roles in financial health.</ref>, and Freetrade is a company that's on a mission to get everyone investing.<ref name=":8" /> 
 
Assuming that Freetrade increases its share of the global brokerage market by 1,000x to 1% (from less than 0.0010%<ref>The annual global brokerage market right now (2023) is estimated at $1.30 trillion, and Freetrade generated around £12.68 million ($15.93 million) in revenue in its most recent full-year results</ref>) and other assumptions, the expected return of an investment in the company over the next five years is 202%, which equates to an annual return of 25%. In other words, an £1,000 investment in the company is expected to return £3,016 in five years time.
 
The degree of risk associated with an investment in Freetrade is 'high', with the shares having an adjusted beta that is 85% above the market (1.85 vs. 1).<ref>Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used the seven available share price Freetrade data points. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. seven observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta.
 
The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'high' risk, it must have a beta value of 1.5 or more. Further information about the beta ratings can be found in the appendix section of this report.</ref>
 
Accordingly, based on the assumptions provided on the Stockhub platform, the investment is a 'suitable' one for you if, among other criteria, your required:
 
* Return level is 25% per year or less in absolute terms;
* Risk level is 85% or more above the market risk level;
* Time horizon is five years or longer; and/or
* Objective is to get everyone investing (i.e. you share in the mission of the Freetrade company).
 
'''Fun fact:''' Freetrade Limited initially raised funds and gained traction through successful crowdfunding campaigns, reflecting its mission to democratise investing.


==Operations==
==Operations==
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=== What are the main offerings of the company? ===
=== What are the main offerings of the company? ===
The main offering of the company is an app, also called Freetrade, that enables users to buy and sell certain investments without paying any trading commissions.
The main offering of the company is an app that enables users to buy and sell investments without paying any trading commissions.


Other key features of the offering are listed in the table below:
=== What is the price of the offerings? ===
{| class="wikitable sortable"
The price of the offerings are as follows:
|+
 
!Offering feature
* £0 per month for the 'Basic' package.
!Comment(s)
* £5.99 per month for the 'Standard' plan; and
* £11.99 per month for the 'Plus' plan.
 
{| class="wikitable"
|+Freetrade packages
!
!Basic
!Standard
!Plus
|-
|-
|General investment account (GIA)
|Pricing
|A General Investment Account (GIA), sometimes also referred to as a Dealing Account or an Investment Account, is a type of investment account that provides you with a way to buy, hold, and sell a variety of different investments, such as shares, bonds, funds, and more.
| style="background: green; color: white;" |£0.00/month
| style="background: orange; color: white;" |£5.99/month
| style="background: red; color: white;" |£11.99/month
|-
|-
|Stocks and shares ISA
! colspan="4" |Accounts
|A Stocks and Shares Individual Savings Account (ISA) is a type of tax-efficient investment account available in the UK.
The key benefit of a Stocks and Shares ISA is its tax efficiency. Any income you receive from your investments, such as dividends, and any capital gains you make when you sell your investments, are free from UK tax. This can make them a more efficient way to invest, compared to a General Investment Account (GIA).
|-
|-
|Self-invested personal pension (SIPP)
|General investment account (GIA)
|A Self-Invested Personal Pension (SIPP) is a type of pension in the UK that gives you more control over your pension investments compared to conventional personal pensions.
|-
|Commission-free trades
|Commission-free trading refers to the ability to purchase and sell stocks, ETFs, options, and other securities without being charged a brokerage commission. Currently, the number of investments offered on the Freetrade platform is 6,000 investments.
|-
|US fractional shares
|Fractional shares are portions of a full share of stock.
|-
|Automated order types
|Automated order types refer to a variety of instructions that investors can use when placing trades in the financial markets. These instructions are designed to automate certain aspects of the trading process, and they can help investors manage risk, lock in profits, and execute trades at desired price levels without having to constantly monitor the market.
|-
|Interest on uninvested cash
|"Interest on uninvested cash" refers to the interest that Freetrade pays to you on the cash balance that is sitting in your account but has not been invested in any security, much like interest paid on a traditional savings account balance. Currently, the highest interest offered is 3% on a maximum £4k uninvested cash.
|-
|Priority customer service
|Priority customer service refers to a higher level of customer service provided to certain customers, typically those who are considered high-value or premium. These customers are given priority when they need support or assistance, meaning they may receive faster responses, shorter wait times, dedicated customer service representatives, or other preferential treatment.
|-
|'Advanced' stock fundamentals
|"Advanced" stock fundamentals refers to a deep, comprehensive understanding and application of the financial and operational aspects of a company that can affect its stock price. It goes beyond the basics of stock fundamentals, such as Price/Earnings (P/E) ratio, Dividend Yield, Earnings per Share (EPS), etc.
|-
|Web application access
|Web application access refers to the ability to access and use a software application through a web browser on a device connected to the internet (rather than a mobile app).
|-
|FX conversion
|Freetrade offers FX conversion, for the trading of shares in a currency other than in the user's local currency.
|}
 
=== What is the price of the offering? ===
The offering is offered in three pricing plans: basic, standard and plus. The key differences between the pricing plans are illustrated in the table below.
 
{| class="wikitable"
|+Freetrade pricing plans
!
!Basic
!Standard
!Plus
|-
|Annual price when paid upfront (£)
| style="background: green; color: white;" |£0.00/year
| style="background: orange; color: white;" |£59.88/year
| style="background: red; color: white;" |£119.88/year
|-
|Annual price when not paid upfront (£)
| style="background: green; color: white;" |£0.00/year
| style="background: orange; color: white;" |£71.88/year
| style="background: red; color: white;" |£143.88/year
|-
|Monthly price (£)
|style="background: green; color: white;" |£0.00/month
|style="background: orange; color: white;" |£5.99/month
|style="background: red; color: white;" |£11.99/month
|-
! colspan="4" |Accounts
|-
|General investment account (GIA)
| style="background: green; color: white;" |Yes
| style="background: green; color: white;" |Yes
| style="background: green; color: white;" |Yes
| style="background: green; color: white;" |Yes
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|-
|-
|Self-invested personal pension (SIPP)
|Self-invested personal pension (SIPP)
| style="background: red; color: white;" |No
| style="background: green; color: white;" |Yes
| style="background: red; color: white;" |No
| style="background: green; color: white;" |Yes
| style="background: green; color: white;" |Yes
| style="background: green; color: white;" |Yes
|-
|-
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| style="background: green; color: white;" |0.39%
| style="background: green; color: white;" |0.39%
|}
|}
For a clearer comparison of Freetrade's services and key features with its competitors, the following table lists the cost for accessing individual features. For instance, the monthly fee for trading commission-free from a pool of 6,000 investments is £5.99.
{| class="wikitable sortable"
{| class="wikitable sortable"
|+
|+
!Offering feature
!Offering feature
!Price (£/month)
!Price (£/month)
!Price (£/year)
|-
|-
|General investment account (GIA)
|General investment account (GIA)
|style="background: green; color: white;" |£0.00
|Free
|style="background: green; color: white;" |£0.00
|-
|-
|0.99% fX fee
|Stocks and shares ISA
|style="background: green; color: white;" |£0.00
|£5.99
|style="background: green; color: white;" |£0.00
|-
|-
|Self-invested personal pension (SIPP)
|Self-invested personal pension (SIPP)
|style="background: green; color: white;" |£0.00
|Free
|style="background: green; color: white;" |£0.00
|-
|-
|Commission-free trades
|Commission-free trades
|style="background: green; color: white;" |£0.00
|Free
|style="background: green; color: white;" |£0.00
|-
|-
|US fractional shares
|US fractional shares
|style="background: green; color: white;" |£0.00
|Free
|style="background: green; color: white;" |£0.00
|-
|-
|1,500 stocks
|1,500 stocks
|style="background: green; color: white;" |£0.00
|£5.99
|style="background: green; color: white;" |£0.00
|-
|-
|6,000 stocks
|6,000 stocks
|style="background: orange; color: white;" |£5.99
|£11.99
|style="background: orange; color: white;" |£59.88
|-
|Stocks and shares ISA
|style="background: orange; color: white;" |£5.99
|style="background: orange; color: white;" |£59.88
|-
|-
|Automated order types
|Automated order types
|style="background: orange; color: white;" |£5.99
|£5.99
|style="background: orange; color: white;" |£59.88
|-
|-
|1% interest on a maximum £2k uninvested cash
|1% interest on a maximum £2k uninvested cash
|style="background: orange; color: white;" |£5.99
|£5.99
|style="background: orange; color: white;" |£59.88
|-
|Advanced stock fundamentals
|style="background: orange; color: white;" |£5.99
|style="background: orange; color: white;" |£59.88
|-
|0.59% fX fee
|style="background: orange; color: white;" |£5.99
|style="background: orange; color: white;" |£59.88
|-
|-
|3% interest on a maximum £4k uninvested cash
|3% interest on a maximum £4k uninvested cash
|style="background: red; color: white;" |£11.99
|£11.99
|style="background: red; color: white;" |£119.88
|-
|-
|Priority customer service
|Priority customer service
|style="background: red; color: white;" |£11.99
|£11.99
|style="background: red; color: white;" |£119.88
|-
|Advanced stock fundamentals
|£5.99
|-
|-
|Freetrade Web beta
|Freetrade Web beta
|style="background: red; color: white;" |£11.99
|£11.99
|style="background: red; color: white;" |£119.88
|-
|0.99% fX fee
|Free
|-
|0.59% fX fee
|£5.99
|-
|-
|0.39% fX fee
|0.39% fX fee
|style="background: red; color: white;" |£11.99
|£11.99
|style="background: red; color: white;" |£119.88
|}
|}


=== From which place(s) are the offerings able to be purchased? ===
=== From which place(s) are the offerings able to be purchased? ===
The main places that the offerings are able to be purchased is in the United Kingdom and Sweden through the company's app, which can be downloaded from the Apple App Store and Google Play Store. Assuming that everyone in the UK and Sweden is able to access the Freetrade platform, the number of people that are able to access the platform is estimated at 77.75 million, or around 1% of the global population.
The main places that the offerings are able to be purchased is in the United Kingdom and Sweden through the company's app, which can be downloaded from the Apple App Store and Google Play Store.


=== From which place(s) are the offerings promoted? ===
=== From which place(s) are the offerings promoted? ===
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=== Team ===
=== Team ===


The company is led by the person who believes in the mission of the company the most: the creator of the company mission (i.e. Adam Dodds). The team at Freetrade is composed of individuals with a diverse set of skills and experiences, and a shared commitment to the company's mission.
The company is led by the person who believes in the mission of the company the most: the creator of the company mission (i.e. Adam Dodds). Combined, the members of the management team brings together talent from tech titans, financial service giants, and top-tier consulting firms.


'''Chief Executive Officer: Adam Dodds'''
'''Adam Dodds, Founder & CEO'''


[[File:Adam_Dodds.jpg|200x200px|border]]
[[File:Adam_Dodds.jpg|200x200px|border]]
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The instigator of this whole Freetrade thing. ACA and CFA qualified. Ex-KPMG, experience auditing global banks and brokerages; advising on financial services, fintech M&A.
The instigator of this whole Freetrade thing. ACA and CFA qualified. Ex-KPMG, experience auditing global banks and brokerages; advising on financial services, fintech M&A.


'''Chief Technology Officer: Shahid Naveed'''
'''Viktor Nebehaj, CMO & Co-founder'''


[[File:Shahid Naveed.jpg|200x200px|border]]
[[File:Viktor Nebehaj.jpg|200x200px|border]]


Shahid Naveed is the Chief Technology Officer (CTO) at Freetrade Limited. Prior to joining Freetrade, he served as the Vice President of Engineering at the Auction Technology Group and was responsible for the development of Amazon Video’s global ownership systems.<ref>https://freetrade.io/blog/freetrade-hires-shahid-naveed-as-cto</ref>
Drives the company's customer growth across the whole marketing stack. Used to scale Google's core search business in Europe. Grew start-ups across EU & Asia.


'''Chief Financial Officer: Paul Brooking'''
'''Paul Brooking, CFO'''


[[File:Paul Brooking.jpg|200x200px|border]]
[[File:Paul Brooking.jpg|200x200px|border]]


Prior to joining Freetrade, Paul served as deputy CFO and Head of Financial Control at Revolut. He has also held senior positions at Paysafe Group and the London-listed trading platform IG Group. Paul started his career at PwC​.<ref>https://freetrade.io/blog/freetrade-hires-paul-brooking-as-cfo</ref>
Paul is a former deputy CFO at Revolut, ex Paysafe, almost 20 years at IG and PwC.


'''Chief Operating Officer: Viktor Nebehaj'''
'''Dan Tedman, VP Risk & Compliance'''


[[File:Viktor Nebehaj.jpg|200x200px|border]]
[[File:Dan Tedman.jpg|200x200px|border]]


Drives the company's customer growth across the whole marketing stack. Used to scale Google's core search business in Europe. Grew start-ups across EU & Asia.
Joined the regulator in 2010. 5+ years working at the FSA and Bank of England then moved to Alvarez and Marsal as a regulatory consultant.


'''Director of People: Amy Gilman'''
'''Amy Gilman, Associate Director of People'''


[[File:Amy Gilman.jpg|200x200px|border]]
[[File:Amy Gilman.jpg|200x200px|border]]
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Amy is a former Director of Learning and Development at La Fosse Associates. Amy is in charge of all things people and culture at Freetrade.
Amy is a former Director of Learning and Development at La Fosse Associates. Amy is in charge of all things people and culture at Freetrade.


'''Director of Engineering, Australia: Timothy Drew'''
'''Timothy Drew, Director of Engineering, Australia'''


[[File:Timothy Drew.jpg|200x200px|border]]
[[File:Timothy Drew.jpg|200x200px|border]]
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A key way to determine a product's closest competitors is by looking at other offerings that are targeting the same or similar target audience (i.e. Active Investors) and aiming to provide the same core benefit (i.e. more money), and then ranking the offerings in terms of the total amount of time spent using and/or money spent purchasing the offerings relative to other similar offerings. With that said, according to Stockhub users, the closest competitor of the Freetrade offering is Trading 212.  
A key way to determine a product's closest competitors is by looking at other offerings that are targeting the same or similar target audience (i.e. Active Investors) and aiming to provide the same core benefit (i.e. more money), and then ranking the offerings in terms of the total amount of time spent using and/or money spent purchasing the offerings relative to other similar offerings. With that said, according to Stockhub users, the closest competitor of the Freetrade offering is Trading 212.  


Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered (13,000 vs. 6,000), FX fees (0.15% vs. 0.39%) and platform usage fee [Zero vs. £5.99 per month to access the 6,000 investments (note, to access 1,500 investments only, there is no fee)]. Currently, there doesn't seem to be an obvious material uniqueness of the Freetrade platform. A detailed comparison between Freetrade and some of its main competitors are shown in the table below.  
Freetrade and Trading 212 are similar in that they both offer commission free trading. Trading 212 is better than Freetrade in terms of the number of investments offered (12,000 vs. 6,000), FX fees (0.15% vs. 0.39%) and platform usage fee [Zero vs. £5.99 per month to access the 6,000 investments (note, to access 1,500 investments only, there is no fee)]. Currently, there doesn't seem to be an obvious material uniqueness of the Freetrade platform. A detailed comparison between Freetrade and some of its main competitors are shown in the table below.  


{| class="wikitable"
{| class="wikitable"
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| style="background: orange; color: white;" |6,000<ref name=":4" />
| style="background: orange; color: white;" |6,000<ref name=":4" />
| style="background: orange; color: white;" |6,000<ref name=":4">https://freetrade.io/stock-list#stock-list-table</ref>
| style="background: orange; color: white;" |6,000<ref name=":4">https://freetrade.io/stock-list#stock-list-table</ref>
| style="background: green; color: white;" |13,000<ref>https://www.trading212.com/</ref><ref>https://play.google.com/store/apps/details?id=com.avuscapital.trading212</ref>
| style="background: green; color: white;" |12,000<ref>https://www.trading212.com/</ref><ref>https://play.google.com/store/apps/details?id=com.avuscapital.trading212</ref>
|13,000<ref>https://www.forbes.com/uk/advisor/investing/hargreaves-lansdown-review/</ref>
|
|
|
| style="background: red; color: white;" |Zero
| style="background: red; color: white;" |Zero
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=== Revenue ===
=== Revenue ===
Revenue is recognised in the consolidated statement of comprehensive income on the following basis:
Revenue is related to services provided to customers in the UK and is stated net of value added tax or other sales tax. It is recognised in the consolidated statement of comprehensive income on the following basis:


==== Transaction revenue ====
==== Transaction revenue ====
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Recurring revenue for the financial year ended 30th September 2021 was £3,274,000 (2020: £338,000), which represented 26% (2020: 20%) of total revenue.
Recurring revenue for the financial year ended 30th September 2021 was £3,274,000 (2020: £338,000), which represented 26% (2020: 20%) of total revenue.


=== Operating expenses ===
=== Other ===
Freetrade, in an effort to boost its platform's user adoption, has implemented an incentive scheme: they are providing free shares - valued up to £100 - to both those who bring in new users through successful referrals, as well as to the new users themselves.<ref>https://freetrade.io/legal/summer-freeshare-offer</ref> These complimentary shares have a weighted average value of £23.35. This means that the cost Freetrade incurs for acquiring each new user under this program is £46.70. The table below presents the average probability distribution of these free shares.
A key thing to note is that Freetrade has been given a way free shares. Essentially, Freetrade paid people to use its offering, with the aim of using the offering regularly.
{| class="wikitable"
 
|+Free share probability
!Minimum free share value (£)
!Maximum free share value (£)
!Mean free share value (£)
!Probability of being rewarded these shares (%)
!Probability weighted mean value (£)
|-
|10.00
|25.00
|17.50
|80%
|14.00
|-
|25.01
|50.00
|37.51
|15%
|5.63
|-
|50.01
|75.00
|62.51
|3%
|1.88
|-
|75.01
|100.00
|87.51
|2%
|1.75
|-
| colspan="4" |'''Weighted mean value:'''
|'''23.25'''
|}
{{Freetrade's revenue}}
{{Freetrade's revenue}}


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|1,220
|1,220
|11,043
|11,043
|13,672
|32,112
|63,994
|122,530
|225,408
|398,406
|676,566
|1,103,882
|1,987,217
|2,993,053
|4,331,235
|6,021,953
|8,044,353
|10,324,598
|12,731,612
|15,084,185
|17,170,720
|18,779,473
|19,733,609
|19,923,143
|19,325,797
|18,011,305
|16,128,025
|13,875,396
|7,325,458
|5,817,755
|4,439,196
|3,254,478
|2,292,381
|1,551,387
|1,008,746
|630,191
|378,260
|218,141
|120,868
|64,345
|32,911
|16,174
|7,636
|3,464
|1,510
|632
|254
|98
|-
|Other operating expenses
|N/A
|style="color: red;" |(525)
|style="color: red;" |(1,301)
|style="color: red;" |(3,970)
|style="color: red;" |(10,737)
|style="color: red;" |(29,274)
|24,979
|58,671
|116,921
|223,869
|411,833
|727,910
|1,236,124
|2,016,855
|816,945
|1,230,444
|1,780,571
|2,475,625
|3,307,034
|4,244,442
|7,022,757
|8,320,436
|9,471,369
|10,358,757
|10,885,059
|10,989,606
|10,660,110
|9,935,036
|8,896,218
|7,653,669
|20,001,355
|15,884,739
|12,120,735
|8,885,995
|6,259,093
|4,235,892
|2,754,271
|1,720,666
|1,032,797
|595,609
|330,017
|175,687
|89,861
|44,160
|20,851
|9,459
|4,123
|1,726
|695
|269
|-
|Operating loss
|N/A
|style="color: red;" |(525)
|style="color: red;" |(1,301)
|style="color: red;" |(3,884)
|style="color: red;" |(9,517)
|style="color: red;" |(18,231)
| -11,307
| -26,559
| -52,927
| -101,339
| -186,425
| -329,504
| -559,558
| -912,972
|1,170,272
|1,762,609
|2,550,665
|3,546,328
|4,737,320
|6,080,156
|5,708,855
|6,763,748
|7,699,351
|8,420,716
|8,848,550
|8,933,537
|8,665,687
|8,076,269
|7,231,806
|6,221,728
| -12,675,897
| -10,066,984
| -7,681,539
| -5,631,516
| -3,966,712
| -2,684,505
| -1,745,525
| -1,090,476
| -654,537
| -377,468
| -209,149
| -111,342
| -56,949
| -27,986
| -13,214
| -5,994
| -2,613
| -1,094
| -440
| -170
|-
|Finance costs
|
|
|
|
|
|
|
|
|0
|
|style="color: red;" |(16)
|
|9
|
|22
|
|44
|
|84
|
|155
|
|275
|
|466
|
|761
|
|8,148
|
|12,272
|
|17,758
|
|24,690
|
|32,982
|
|42,331
|
|39,468
|
|46,761
|
|53,229
|
|58,216
|
|61,174
|
|61,762
|
|59,910
|
|55,835
|
|49,997
|
|43,014
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|
|0
|0
|0
|0
|0
|0
|-
|-
|Loss before tax (£'000)
|Other operating expenses
|N/A
|N/A
|style="color: red;" |(525)
|style="color: red;" |(525)
|style="color: red;" |(1,165)
|style="color: red;" |(1,301)
|style="color: red;" |(3,470)
|style="color: red;" |(3,970)
|style="color: red;" |(9,517)
|style="color: red;" |(10,737)
|style="color: red;" |(18,247)
|style="color: red;" |(29,274)
| -11,317
|
| -26,581
|
| -52,971
|
| -101,423
|
| -186,580
|
| -329,778
|
| -560,024
|
| -913,733
|
|1,162,125
|
|1,750,338
|
|2,532,906
|
|3,521,638
|
|4,704,338
|
|6,037,825
|
|5,669,387
|
|6,716,987
|
|7,646,122
|
|8,362,499
|
|8,787,376
|
|8,871,776
|
|8,605,777
|
|8,020,434
|
|7,181,809
|
|6,178,714
|
| -12,675,897
|
| -10,066,984
|
| -7,681,539
|
| -5,631,516
|
| -3,966,712
|
| -2,684,505
|
| -1,745,525
|
| -1,090,476
|
| -654,537
|
| -377,468
|
| -209,149
|
| -111,342
|
| -56,949
|
| -27,986
|
| -13,214
|
| -5,994
|
| -2,613
|
| -1,094
|
| -440
|
| -170
|
|-
|-
|Tax on loss on ordinary activities
|Operating loss
|N/A
|N/A
|21
|style="color: red;" |(525)
|164
|style="color: red;" |(1,301)
|414
|style="color: red;" |(3,884)
|557
|style="color: red;" |(9,517)
|1,136
|style="color: red;" |(18,231)
|347
|
|816
|
|1,626
|
|3,114
|
|5,728
|
|10,124
|
|17,193
|
|28,052
|
|176,992
|
|266,576
|
|385,762
|
|536,345
|
|716,471
|
|919,561
|
|1,128,775
|
|1,337,352
|
|1,522,343
|
|1,664,974
|
|1,749,567
|
|1,766,371
|
|1,713,410
|
|1,596,868
|
|1,429,898
|
|1,230,182
|
|245,912
|
|195,299
|
|149,022
|
|109,251
|
|76,954
|
|52,079
|
|33,863
|
|21,155
|
|12,698
|
|7,323
|
|4,057
|
|2,160
|
|1,105
|
|543
|
|256
|
|116
|
|51
|
|21
|
|9
|
|3
|
|-
|-
|Loss for the year
|Finance costs
|N/A
|
|style="color: red;" |(504)
|
|style="color: red;" |(1,165)
|
|style="color: red;" |(3,470)
|
|style="color: red;" |(8,960)
|style="color: red;" |(17,111)
| -11,664
| -27,397
| -54,597
| -104,537
| -192,308
| -339,902
| -577,217
| -941,784
|985,133
|1,483,761
|2,147,145
|2,985,293
|3,987,867
|5,118,264
|4,540,612
|5,379,635
|6,123,779
|6,697,526
|7,037,810
|7,105,405
|6,892,367
|6,423,566
|5,751,911
|4,948,532
| -12,921,810
| -10,262,283
| -7,830,561
| -5,740,768
| -4,043,666
| -2,736,584
| -1,779,388
| -1,111,631
| -667,235
| -384,791
| -213,206
| -113,502
| -58,054
| -28,529
| -13,470
| -6,111
| -2,663
| -1,115
| -449
| -173
|-
|Other comprehensive income
|N/A
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|0
|style="color: red;" |(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|-
|Total comprehensive expense for the year
|Loss before tax (£'000)
|N/A
|N/A
|style="color: red;" |(504)
|style="color: red;" |(525)
|style="color: red;" |(1,165)
|style="color: red;" |(1,165)
|style="color: red;" |(3,470)
|style="color: red;" |(3,470)
|style="color: red;" |(8,960)
|style="color: red;" |(9,517)
|style="color: red;" |(17,111)
|style="color: red;" |(18,247)
| -11,664
|
| -27,397
|
| -54,597
|
| -104,537
|
| -192,308
|
| -339,902
|
| -577,217
|
| -941,784
|
|985,133
|
|1,483,761
|
|2,147,145
|
|2,985,293
|
|3,987,867
|
|5,118,264
|
|4,540,612
|
|5,379,635
|
|6,123,779
|
|6,697,526
|
|7,037,810
|
|7,105,405
|6,892,367
|6,423,566
|5,751,911
|4,948,532
| -12,921,810
| -10,262,283
| -7,830,561
| -5,740,768
| -4,043,666
| -2,736,584
| -1,779,388
| -1,111,631
| -667,235
| -384,791
| -213,206
| -113,502
| -58,054
| -28,529
| -13,470
| -6,111
| -2,663
| -1,115
| -449
| -173
|-
! colspan="11" |Balance sheet
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
| colspan="11" |'''Assets'''
|
|
|
|
Line 1,351: Line 966:
|
|
|
|
|-
|Tax on loss on ordinary activities
|N/A
|21
|164
|414
|557
|1,136
|
|
|
|
Line 1,366: Line 989:
|
|
|
|
|-
| colspan="11" |'''Non-current assets'''
|
|
|
|
Line 1,397: Line 1,018:
|
|
|
|
|-
|Loss for the year
|N/A
|style="color: red;" |(504)
|style="color: red;" |(1,165)
|style="color: red;" |(3,470)
|style="color: red;" |(8,960)
|style="color: red;" |(17,111)
|
|
|
|
Line 1,408: Line 1,037:
|
|
|
|
|-
|Property, plant and equipment
|3
|9
|39
|76
|94
|5,588
|
|
|
|
Line 1,449: Line 1,070:
|
|
|
|
|
|-
|
|Other comprehensive income
|
|N/A
|
|0
|
|0
|
|0
|
|0
|
|
|
|
|-
|Intangible assets
|0
|0
|3
|93
|828
|1,905
|2,354
|
|
|
|
Line 1,513: Line 1,123:
|
|
|-
|-
|Trade and other receievables
|Total comprehensive expense for the year
|0
|N/A
|13
|style="color: red;" |(504)
|0
|style="color: red;" |(1,165)
|0
|style="color: red;" |(3,470)
|0
|style="color: red;" |(8,960)
|731
|style="color: red;" |(17,111)
|
|
|
|
Line 1,565: Line 1,175:
|
|
|-
|-
|Total non-current assets
! colspan="11" |Balance sheet
|3
!
|25
!
|132
!
|904
!
|1,999
!
|8,673
!
|
!
|
!
|
!
|
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
| colspan="11" |'''Assets'''
|
|
|
|
Line 1,617: Line 1,259:
|
|
|-
|-
| colspan="11" |'''Current assets'''
| colspan="11" |'''Non-current assets'''
|
|
|
|
Line 1,659: Line 1,301:
|
|
|-
|-
|Trade and other receiveables
|Property, plant and equipment
|4
|3
|2
|9
|186
|39
|847
|76
|2,761
|94
|7,859
|5,588
|
|
|
|
Line 1,711: Line 1,353:
|
|
|-
|-
|Corporation tax receivables
|Intangible assets
|0
|0
|0
|3
|0
|93
|0
|828
|557
|1,905
|1,021
|2,354
|
|
|
|
Line 1,763: Line 1,405:
|
|
|-
|-
|Cash and cash equivalents
|Trade and other receievables
|112
|0
|727
|13
|2,684
|0
|3,355
|0
|6,730
|0
|22,672
|731
|
|
|
|
Line 1,815: Line 1,457:
|
|
|-
|-
|Total current assets
|Total non-current assets
|116
|3
|729
|25
|2,870
|132
|4,202
|904
|10,048
|1,999
|31,552
|8,673
|
|
|
|
Line 1,867: Line 1,509:
|
|
|-
|-
| colspan="11" |'''Liabilitites'''
| colspan="11" |'''Current assets'''
|
|
|
|
Line 1,909: Line 1,551:
|
|
|-
|-
| colspan="11" |'''Current liabilities'''
|Trade and other receiveables
|4
|2
|186
|847
|2,761
|7,859
|
|
|
|
|
|
|
|
Line 1,951: Line 1,603:
|
|
|-
|-
|Trade and other payables
|Corporation tax receivables
|18
|0
|84
|0
|208
|0
|297
|0
|1,461
|557
|5,381
|1,021
|
|
|
|
Line 2,003: Line 1,655:
|
|
|-
|-
|Lease liabilities
|Cash and cash equivalents
|0
|112
|0
|727
|0
|2,684
|0
|3,355
|0
|6,730
|2,127
|22,672
|
|
|
|
Line 2,055: Line 1,707:
|
|
|-
|-
|Total current liabilities
|Total current assets
|18
|116
|84
|729
|208
|2,870
|297
|4,202
|1,461
|10,048
|7,508
|31,552
|
|
|
|
Line 2,107: Line 1,759:
|
|
|-
|-
|Net current assets
| colspan="11" |'''Liabilitites'''
|98
|645
|2,662
|3,905
|8,587
|24,044
|
|
|
|
|
|
|
|
Line 2,159: Line 1,801:
|
|
|-
|-
| colspan="11" |'''Non-current liabilities'''
| colspan="11" |'''Current liabilities'''
|
|
|
|
Line 2,201: Line 1,843:
|
|
|-
|-
|Lease liabilities
|Trade and other payables
|0
|18
|0
|84
|0
|208
|0
|297
|0
|1,461
|3,388
|5,381
|
|
|
|
Line 2,253: Line 1,895:
|
|
|-
|-
|Total non-current liabilities
|Lease liabilities
|0
|0
|0
|0
Line 2,259: Line 1,901:
|0
|0
|0
|0
|3,388
|2,127
|
|
|
|
Line 2,305: Line 1,947:
|
|
|-
|-
|Net assets
|Total current liabilities
|101
|18
|670
|84
|2,794
|208
|4,809
|297
|10,586
|1,461
|29,329
|7,508
|
|
|
|
Line 2,357: Line 1,999:
|
|
|-
|-
| colspan="11" |'''Equity'''
|Net current assets
|98
|645
|2,662
|3,905
|8,587
|24,044
|
|
|
|
Line 2,398: Line 2,046:
|
|
|
|
|-
|Share capital
|0
|0
|0
|0
|0
|0
|
|
|
|
|
|
|
|
|-
| colspan="11" |'''Non-current liabilities'''
|
|
|
|
Line 2,451: Line 2,093:
|
|
|-
|-
|Share premium
|Lease liabilities
|252
|0
|1,324
|0
|4,610
|0
|10,086
|0
|22,801
|0
|57,837
|3,388
|
|
|
|
Line 2,503: Line 2,145:
|
|
|-
|-
|Other reserves
|Total non-current liabilities
|0
|0
|0
|0
|0
|0
|0
|3
|3,388
|12
|2,034
|2,852
|
|
|
|
Line 2,555: Line 2,197:
|
|
|-
|-
|Retained earnings
|Net assets
|style="color: red;" |(151)
|101
|style="color: red;" |(654)
|670
|style="color: red;" |(1,819)
|2,794
|style="color: red;" |(5,289)
|4,809
|style="color: red;" |(14,249)
|10,586
|style="color: red;" |(31,360)
|29,329
|
|
|
|
Line 2,607: Line 2,249:
|
|
|-
|-
|Total equity
| colspan="11" |'''Equity'''
|101
|
|670
|
|2,794
|4,809
|10,586
|29,329
|
|
|
|
Line 2,650: Line 2,288:
|
|
|
|
|
|
|-
|Share capital
|0
|0
|0
|0
|0
|0
|
|
|
|
Line 2,658: Line 2,306:
|
|
|
|
|-
! colspan="11" |Cash flow statement
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
| colspan="11" |'''Operating activities'''
|
|
|
|
Line 2,738: Line 2,342:
|
|
|
|
|-
|Share premium
|252
|1,324
|4,610
|10,086
|22,801
|57,837
|
|
|
|
|
|
|
|
|-
|Loss before tax
|N/A
|N/A
|N/A
|N/A
|style="color: red;" |(9,517)
|style="color: red;" |(18,247)
|
|
|
|
Line 2,790: Line 2,394:
|
|
|
|
|-
|Other reserves
|0
|0
|3
|12
|2,034
|2,852
|
|
|
|
|
|
|
|
|-
| colspan="11" |'''Adjustments for:'''
|
|
|
|
Line 2,837: Line 2,447:
|
|
|-
|-
|Depreciation of property, plant and equipment
|Retained earnings
|N/A
|style="color: red;" |(151)
|N/A
|style="color: red;" |(654)
|N/A
|style="color: red;" |(1,819)
|N/A
|style="color: red;" |(5,289)
|84
|style="color: red;" |(14,249)
|331
|style="color: red;" |(31,360)
|
|
|
|
Line 2,889: Line 2,499:
|
|
|-
|-
|Amortisation of intangible assets
|Total equity
|N/A
|101
|N/A
|670
|N/A
|2,794
|N/A
|4,809
|592
|10,586
|1,143
|29,329
|
|
|
|
Line 2,941: Line 2,551:
|
|
|-
|-
|Share-based payment expenses
! colspan="11" |Cash flow statement
|N/A
!
|N/A
!
|N/A
!
|N/A
!
|2,022
!
|818
!
|
!
|
!
|
!
|
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
| colspan="11" |'''Operating activities'''
|
|
|
|
Line 2,993: Line 2,635:
|
|
|-
|-
|Finance costs
|Loss before tax
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|style="color: red;" |0
|style="color: red;" |(9,517)
|style="color: red;" |16
|style="color: red;" |(18,247)
|
|
|
|
Line 3,045: Line 2,687:
|
|
|-
|-
|Operating cash flows before movements in working capital
| colspan="11" |'''Adjustments for:'''
|N/A
|
|N/A
|N/A
|N/A
|(6,819)
|(15,939)
|
|
|
|
|
|
|
|
|
Line 3,097: Line 2,729:
|
|
|-
|-
|Increase in trade and other receivables
|Depreciation of property, plant and equipment
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
| style="color: red;" |(2,325)
|84
| style="color: red;" |(5,829)
|331
|
|
|
|
Line 3,149: Line 2,781:
|
|
|-
|-
|Increase in trade and other payables
|Amortisation of intangible assets
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|1,164
|592
|3,920
|1,143
|
|
|
|
Line 3,201: Line 2,833:
|
|
|-
|-
|Cash used in operations
|Share-based payment expenses
|N/A
|N/A
|N/A
|N/A
|N/A
|style="color: red;" |(455)
|2,022
|style="color: red;" |(1,257)
|818
|style="color: red;" |(3,909)
|style="color: red;" |(7,980)
|style="color: red;" |(17,848)
|
|
|
|
Line 3,253: Line 2,885:
|
|
|-
|-
|Income taxes received
|Finance costs
|N/A
|N/A
|N/A
|N/A
|N/A
|21
|style="color: red;" |0
|72
|style="color: red;" |16
|95
|411
|672
|
|
|
|
Line 3,305: Line 2,937:
|
|
|-
|-
|Net cash flows from operating activities
|Operating cash flows before movements in working capital
|N/A
|N/A
|N/A
|N/A
|N/A
|style="color: red;" |(434)
|(6,819)
|style="color: red;" |(1,185)
|(15,939)
|style="color: red;" |(3,814)
|style="color: red;" |(7,569)
|style="color: red;" |(17,176)
|
|
|
|
Line 3,357: Line 2,989:
|
|
|-
|-
| colspan="11" |'''Investing activities'''
|Increase in trade and other receivables
|N/A
|N/A
|N/A
|N/A
| style="color: red;" |(2,325)
| style="color: red;" |(5,829)
|
|
|
|
|
|
|
|
Line 3,399: Line 3,041:
|
|
|-
|-
|Purchase of property, plant and equipment
|Increase in trade and other payables
|N/A
|N/A
|N/A
|N/A
|N/A
|style="color: red;" |(8)
|1,164
|style="color: red;" |(43)
|3,920
|style="color: red;" |(93)
|style="color: red;" |(102)
|style="color: red;" |(326)
|
|
|
|
Line 3,451: Line 3,093:
|
|
|-
|-
|Purchase and development of intangible assets
|Cash used in operations
|N/A
|N/A
|style="color: red;" |(3)
|style="color: red;" |(455)
|style="color: red;" |(90)
|style="color: red;" |(1,257)
|style="color: red;" |(898)
|style="color: red;" |(3,909)
|style="color: red;" |(1,669)
|style="color: red;" |(7,980)
|style="color: red;" |(1,592)
|style="color: red;" |(17,848)
|
|
|
|
Line 3,503: Line 3,145:
|
|
|-
|-
|Net cash flows from investing activities
|Income taxes received
|N/A
|N/A
|style="color: red;" |(11)
|21
|style="color: red;" |(133)
|72
|style="color: red;" |(991)
|95
|style="color: red;" |(1,771)
|411
|style="color: red;" |(1,918)
|672
|
|
|
|
Line 3,555: Line 3,197:
|
|
|-
|-
| colspan="11" |'''Financing activities'''
|Net cash flows from operating activities
|N/A
|style="color: red;" |(434)
|style="color: red;" |(1,185)
|style="color: red;" |(3,814)
|style="color: red;" |(7,569)
|style="color: red;" |(17,176)
|
|
|
|
Line 3,596: Line 3,244:
|
|
|
|
|-
|Proceeds on issues of shares
|N/A
|1,072
|3,286
|5,476
|12,715
|35,036
|
|
|
|
|
|
|
|
|-
| colspan="11" |'''Investing activities'''
|
|
|
|
Line 3,649: Line 3,291:
|
|
|-
|-
|Investment in subsidiary
|Purchase of property, plant and equipment
|N/A
|N/A
|style="color: red;" |(12)
|style="color: red;" |(8)
|style="color: red;" |(11)
|style="color: red;" |(43)
|0
|style="color: red;" |(93)
|0
|style="color: red;" |(102)
|0
|style="color: red;" |(326)
|
|
|
|
Line 3,701: Line 3,343:
|
|
|-
|-
|Net cash flows from financing activities
|Purchase and development of intangible assets
|N/A
|N/A
|1,060
|style="color: red;" |(3)
|3,275
|style="color: red;" |(90)
|5,476
|style="color: red;" |(898)
|12,715
|style="color: red;" |(1,669)
|35,036
|style="color: red;" |(1,592)
|
|
|
|
Line 3,753: Line 3,395:
|
|
|-
|-
|Net increase in cash and cash equivalents
|Net cash flows from investing activities
|N/A
|N/A
|615
|style="color: red;" |(11)
|1,957
|style="color: red;" |(133)
|671
|style="color: red;" |(991)
|3,375
|style="color: red;" |(1,771)
|15,942
|style="color: red;" |(1,918)
|
|
|
|
Line 3,805: Line 3,447:
|
|
|-
|-
|Cash and cash equivalents at beginning of the year
| colspan="11" |'''Financing activities'''
|N/A
|
|112
|
|727
|
|2,684
|
|3,355
|
|6,730
|
|
|
|
|
|
|
|
|
|
|
Line 3,840: Line 3,488:
|
|
|
|
|-
|Proceeds on issues of shares
|N/A
|1,072
|3,286
|5,476
|12,715
|35,036
|
|
|
|
Line 3,856: Line 3,512:
|
|
|
|
|-
|Cash and cash equivalents at end of year
|N/A
|727
|2,684
|3,355
|6,730
|22,672
|
|
|
|
Line 3,892: Line 3,540:
|
|
|
|
|-
|Investment in subsidiary
|N/A
|style="color: red;" |(12)
|style="color: red;" |(11)
|0
|0
|0
|
|
|
|
Line 3,908: Line 3,564:
|
|
|
|
|-
! colspan="11" |Other
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
|Number of registered users
|
|
|
|
|
|
|
|
|248,848
|886,743
|
|
|
|
Line 3,982: Line 3,592:
|
|
|
|
|-
|Net cash flows from financing activities
|N/A
|1,060
|3,275
|5,476
|12,715
|35,036
|
|
|
|
Line 4,002: Line 3,620:
|
|
|
|
|-
|Assets under management<ref>Assets under management is the total value of securities and cash balances administered and managed by Freetrade on behalf of its users.</ref> (£'million)
|
|
|
|
|
|
|
|
|249.1
|897.5
|
|
|
|
Line 4,018: Line 3,632:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Net increase in cash and cash equivalents
|N/A
|615
|1,957
|671
|3,375
|15,942
|
|
|
|
Line 4,054: Line 3,688:
|
|
|
|
|-
|Trading volumes<ref>Trading volumes are the total value of executed orders placed by Freetrade users.</ref> (£'billion)
|
|
|
|
|
|
|
|
|0.8
|3.3
|
|
|
|
|
|
|
|
|-
|Cash and cash equivalents at beginning of the year
|N/A
|112
|727
|2,684
|3,355
|6,730
|
|
|
|
Line 4,106: Line 3,744:
|
|
|
|
|-
|Employees (excluding directors)
|
|
|
|
|
|
|
|
|80<ref name=":2">https://find-and-update.company-information.service.gov.uk/company/09797821/filing-history</ref>
|-
|201<ref name=":2" />
|Cash and cash equivalents at end of year
|N/A
|727
|2,684
|3,355
|6,730
|22,672
|
|
|
|
Line 4,159: Line 3,801:
|
|
|-
|-
! colspan="11" |Ratios
! colspan="11" |Other
!
!
!
!
Line 4,201: Line 3,843:
!
!
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|Number of registered users
|N/A
|N/A
|N/A
|N/A
|26.51%
|12.92%
|
|
|
|
|
|
|
|
|248,848
|886,743
|
|
|
|
Line 4,252: Line 3,890:
|
|
|
|
|-
|Operating expenses as a proportion of revenue (%)
|N/A
|N/A
|N/A
| 4616.28%
| 646.81%
| 230.83%
|
|
|
|
|
|
|
|
|-
|Assets under management<ref>Assets under management is the total value of securities and cash balances administered and managed by Freetrade on behalf of its users.</ref> (£'million)
|
|
|
|
|
|
|
|
|249.1
|897.5
|
|
|
|
Line 4,304: Line 3,938:
|
|
|
|
|-
|Tax rate (%)
|N/A
| style="color: red;" |(4.00)%
| style="color: red;" |(14.08)%
| style="color: red;" |(11.93)%
| style="color: red;" |(5.85)%
| style="color: red;" |(6.23)%
|
|
|
|
Line 4,320: Line 3,946:
|
|
|
|
|-
|Trading volumes<ref>Trading volumes are the total value of executed orders placed by Freetrade users.</ref> (£'billion)
|
|
|
|
|
|
|
|
|0.8
|3.3
|
|
|
|
Line 4,353: Line 3,983:
|
|
|
|
|
|
|
|-
|Depreciation and amortisation rate (%)
|N/A
|N/A
|N/A
|N/A
|38.17%
|76.85%
|
|
|
|
Line 4,379: Line 3,998:
|
|
|
|
|-
|Employees (excluding directors)
|
|
|
|
|
|
|
|
|
|80<ref name=":2">https://find-and-update.company-information.service.gov.uk/company/09797821/filing-history</ref>
|
|201<ref name=":2" />
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|N/A
|N/A
|N/A
|1152.33%
|106.69%
|15.12%
|
|
|
|
Line 4,461: Line 4,051:
|
|
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
! colspan="11" |Ratios
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
|-
|Gross margin (%)
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|1445.35%
|N/A
|282.05%
|73.49%
|121.88%
|87.08%
|
|
|
|
Line 4,513: Line 4,145:
|
|
|-
|-
|Net borrowing as a proportion of revenue (%)
|Operating margin (%)
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
|N/A
| style="color: red;" |(4516.28)%
|N/A
| style="color: red;" |(573.31)%
|43.49%
| style="color: red;" |(143.75)%
|
|
|
|
Line 4,565: Line 4,197:
|
|
|-
|-
|Interest expense as a proportion of revenue (%)
|Tax rate (%)
|N/A
|N/A
|N/A
| style="color: red;" |(4.00)%
| style="color: red;" |(14.08)%
| style="color: red;" |(11.93)%
| style="color: red;" |(5.85)%
| style="color: red;" |(6.23)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Depreciation and amortisation as a proportion of fixed capital (%)
|N/A
|N/A
|N/A
|N/A
|0%
|N/A
|0.12%
|N/A
|38.17%
|76.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|-
|Fixed capital as a proportion of revenue (%)
|N/A
|N/A
|N/A
|1152.33%
|106.69%
|15.12%
|
|
|
|
Line 4,617: Line 4,353:
|
|
|}
|}
According to Crunchbase, Freetrade has raised a total of $135.5 million since the company's inception across 13 funding rounds.<ref>https://www.crunchbase.com/organization/freetrade-limited/company_financials</ref>


==== What are the assumptions used to estimate the financial forecasts?====
==== What are the assumptions used to estimate the financial forecasts?====
Line 4,638: Line 4,376:
|What's the estimated annual growth rate of the total addressable market over the lifecycle of the company?
|What's the estimated annual growth rate of the total addressable market over the lifecycle of the company?
|3%
|3%
|Research shows that the growth rate of the global brokerage market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>.
|Research shows that the growth rate of the global automotive market (i.e. the total addressable market) is similar to the growth rate of global gross domestic product<ref>http://www.robertpicard.net/files/econgrowthandadvertising.pdf</ref>, which has averaged (medium) around 3% per year in the last 20 years (2001 to 2022)<ref>https://www.macrotrends.net/countries/WLD/world/gdp-growth-rate</ref>.
|-
|-
|What's the estimated company peak market share?
|What's the estimated company peak market share?
|1%
|10%
|The Stockhub users estimate that especially given the leadership of the company, the peak market share of Freetrade is around 1%, and, therefore, suggests using the share amount here. As of 30th September 2021, Freetrade's current share of the market is estimated at around 0.0010%.
|The Stockhub users estimate that especially given the leadership of the company, the peak market share of Freetrade is around 10%, and, therefore, suggests using the share amount here. As of 31st December 2021, Freetrade's current share of the market is estimated at around 1.8%.
|-
|-
|Which distribution function do you want to use to estimate company revenue?
|Which distribution function do you want to use to estimate company revenue?
Line 4,649: Line 4,387:
|-
|-
|What's the estimated standard deviation of company revenue?
|What's the estimated standard deviation of company revenue?
| 5 years
| 6 years
|Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Freetrade's current revenue amount (i.e. £12.68 million) and Freetrade's estimated lifespan (i.e. 50 years) and Freetrade's estimated current stage of its lifecycle (i.e. introduction stage), the Stockhub users suggest using five years (i.e. 68% of all sales happen within five years either side of the mean year), so that's what's used here.
|Another way of asking this question is this way: within how many years either side of the mean does 68% of revenue occur? Based on Freetrade's current revenue amount (i.e. £12.68 million) and Freetrade's estimated lifespan (i.e. 50 years) and Freetrade's estimated current stage of its lifecycle (i.e. introduction stage), the Stockhub users suggest using 6 years (i.e. 68% of all sales happen within 6 years either side of the mean year), so that's what's used here.
|-
|-
| colspan="3" |'''<div style="text-align: center;">Growth stages</div>'''
| colspan="3" |'''<div style="text-align: center;">Growth stages</div>'''
Line 4,679: Line 4,417:
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|Cost of goods sold as a proportion of revenue (%)
|12.92%
|79%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the margin for its peers is 79%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Operating expenses as a proportion of revenue (%)
|Operating expenses as a proportion of revenue (%)
|159.10%
|15%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the margin for its peers is 15%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Tax rate (%)
|Tax rate (%)
|(3.07)%
|11%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the rate for its peers is 11%.
|-
|-
|Depreciation and amortisation rate (%)
|Depreciation and amortisation as a proportion of fixed capital (%)
|56.26%
|7%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the margin for its peers is 7%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|Fixed capital as a proportion of revenue (%)
|8.59%
|10%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Working capital as a proportion of revenue (%)
|50.93%
|15%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />, and the amount for its peers is 15%.
|-
|-
|Net borrowing as a proportion of revenue (%)
|Net borrowing ($000)
|21.75%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Stockhub suggests that for simplicity, the net borrowing figure is zero.
|-
|-
|Interest expense as a proportion of revenue (%)
|Interest amount ($000)
|0.06%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 1)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Stockhub suggests that for simplicity, the interest amount figure is zero.
|-
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''
|-
|-
|Cost of goods sold as a proportion of revenue (%)  
|Cost of goods sold as a proportion of revenue (%)  
|0.00%
|79%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7">http://people.stern.nyu.edu/adamodar/pdfiles/papers/younggrowth.pdf</ref>, and the margin for its peers is 79%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|-
|-
|Operating expenses as a proportion of revenue (%)
|Operating expenses as a proportion of revenue (%)
|41.11%
|15%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is 15%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Tax rate (%)  
|Tax rate (%)  
|15.23%
|11%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the rate for its peers is 11%.
|-
|-
|Depreciation and amortisation rate (%)  
|Depreciation and amortisation as a proportion of fixed capital (%)  
|79.52%
|7%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the margin for its peers is 7%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)  
|Fixed capital as a proportion of revenue (%)  
|1.13%
|10%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Working capital as a proportion of revenue (%)
|52.01%  
|15%  
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />, and the amount for its peers is 15%.
|-
|-
|Net borrowing as a proportion of revenue (%)
|Net borrowing ($000)
|0.27%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Stockhub suggests that for simplicity, the net borrowing figure is zero.
|-
|-
|Interest expense as a proportion of revenue (%)
|Interest amount ($000)
|0.41%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 2)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Stockhub suggests that for simplicity, the interest amount figure is zero.
|-
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 3</div>'''
| colspan="3" |'''<div style="text-align: center;">Growth stage 3</div>'''
|-
|-
|Cost of goods sold as a proportion of revenue (%)  
|Cost of goods sold as a proportion of revenue (%)  
|0.00%
|62%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is 62%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|-
|-
|Operating expenses as a proportion of revenue (%)
|Operating expenses as a proportion of revenue (%)
|55.16%
|13%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the margin for its peers is 13%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Tax rate (%)  
|Tax rate (%)  
|19.91%
|14%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the rate for its peers is 14%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Depreciation and amortisation rate (%)  
|Depreciation and amortisation as a proportion of fixed capital (%)  
|18.93%
|4%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is 4%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)  
|Fixed capital as a proportion of revenue (%)  
|2.21%
|3%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />, and the amount for its peers is 3%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Working capital as a proportion of revenue (%)
|(1.46)%  
|10%  
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Net borrowing as a proportion of revenue (%)
|Net borrowing ($000)
|(1.10)%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|The Stockhub users suggest that for simplicity, the net borrowing figure is zero.
|-
|-
|Interest expense as a proportion of revenue (%)
|Interest amount ($000)
|0.31%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 3)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|The Stockhub users suggest that for simplicity, the interest amount figure is zero.
|-
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>'''
| colspan="3" |'''<div style="text-align: center;">Growth stage 4</div>'''
|-
|-
|Cost of goods sold as a proportion of revenue (%)  
|Cost of goods sold as a proportion of revenue (%)  
|36.13%
|99%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is 99%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.  
|-
|-
|Operating expenses as a proportion of revenue (%)
|Operating expenses as a proportion of revenue (%)
|174.39%
|15%
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar margin rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the margin for its peers is 15%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Tax rate (%)  
|Tax rate (%)  
|(1.94)%
|0%
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar rate as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the rate for its peers is 0%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Depreciation and amortisation rate (%)  
|Depreciation and amortisation as a proportion of fixed capital (%)  
|47.29%
|37%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 37%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|Fixed capital as a proportion of revenue (%)
| 6.25%
| 1%
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 1%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Working capital as a proportion of revenue (%)
| 2.13%  
| 10%  
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />, and the amount for its peers is 10%. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|-
|-
|Net borrowing as a proportion of revenue (%)
|Net borrowing ($000)
|0%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|The Stockhub users suggest that for simplicity, the net borrowing figure is zero.
|-
|-
|Interest expense as a proportion of revenue (%)
|Interest amount ($000)
|0%
|Zero
|Research suggests that it's best to use a similar amount as the one used by peers that are in the same growth stage (i.e. growth stage 4)<ref name=":7" />. Information on the peers and the calculation of the figure used here can be found in the appendix of this report.
|The Stockhub users suggest that for simplicity, the interest amount figure is zero.
|}
|}


== Risks ==
== Risks ==
As with any investment, investing in Freetrade carries a level of risk. Overall, based on the Freetrade's adjusted beta (i.e. 1.85)<ref>Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For example, Supply@ME Capital's adjusted beta (5 years, monthly data) is 4.61, and is, accordingly, 561% above the market beta (of 1); assuming that a 'high' level of riskiness is 50% or more above the market beta, then the riskiness of investing in Supply@ME Captial is considered to be 'high' (561%>50%). For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. One study of U.S. stocks found support for five years of monthly data over alternatives. An argument can be made that the 2 years, weekly data can be especially appropriate in fast growing markets. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref>, the degree of risk associated with an investment in Freetrade is 'high'.
As with any investment, investing in Freetrade carries a level of risk. Overall, based on the Freetrade's adjusted beta (i.e. 41)<ref>Research shows that an investment has two main types of risks: 1) non-systematic and 2) systematic. Systematic risk is the risk related to the overall market, and non-systematic risk is the risk that's specific to an individual investment. Evidence shows that taking on non-systematic risk is inefficient, and it's, therefore, best to eliminate it; and in most cases, elimination is fairy easy to do [by holding a diversified portfolio of investments (i.e. around 15 investments)]. Accordingly, when assessing the riskiness of an investment, it’s best to look at the systematic risk only (i.e. ignore the non-systematic risk). A key measure of systematic risk is beta, and a main way to determine the riskiness of an investment is to compare the beta of the investment with the beta of the market, which is 1. For example, Supply@ME Capital's adjusted beta (5 years, monthly data) is 4.61, and is, accordingly, 561% above the market beta (of 1); assuming that a 'high' level of riskiness is 50% or more above the market beta, then the riskiness of investing in Supply@ME Captial is considered to be 'high' (561%>50%). For estimating an asset's beta, in terms of time period, and frequency of observations, the most common choice is five years of monthly data, yielding 60 observations. One study of U.S. stocks found support for five years of monthly data over alternatives. An argument can be made that the 2 years, weekly data can be especially appropriate in fast growing markets. The beta value in a future period has been found to be on average closer to the mean value of 1.0, the beta of an average-systematic-risk security, than to the value of the raw beta. Because valuation is forward looking, it is logical to adjust the raw beta so it more accurately predicts a future beta.</ref>, the degree of risk associated with an investment in Freetrade is 'extremely high'.


Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used the seven available share price Freetrade data points. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. seven observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta.
Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. We note that the amount of available data observations for Freetrade is less than what's typically used in the five years of monthly data beta calculation (i.e. four observations vs. 60 observations), and accordingly, calculating the beta of such a company has been considered by many to be abnormal; however, for the benefit of simplifying investment comparisons and decision making, we believe that a single standardised risk measure is useful, and that the most appropriate measure is beta.


The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'high' risk, it must have a beta value of 1.5 or more. Further information about the beta ratings can be found in the appendix section of this report.
The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'extremely high' risk, it must have a beta value of 3 or more. Further information about the beta ratings can be found in the appendix section of this report.


=== Early-stage investment ===
=== Early-stage investment ===
Freetrade is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage. As of 2022, 57% of companies that are incorporated in the United Kingdom fail within the first five years of the companies incorporation, according to the Office for National Statistics.<ref>https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2020#the-south-west-continued-to-have-the-highest-five-year-survival-rate</ref> We note that Freetrade is more than seven years old.
Freetrade is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage. As of 2022, 57% of companies that are incorporated in the United Kingdom fail within the first five years of the companies incorporation, according to the Office for National Statistics.<ref>https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2020#the-south-west-continued-to-have-the-highest-five-year-survival-rate</ref>


=== Illiquid investment ===
=== Illiquid investment ===
Line 4,847: Line 4,585:
===What's the expected return of an investment in the company?===
===What's the expected return of an investment in the company?===


The Stockhub users estimate that the expected return of an investment in the company over the next five years is 202%, which equates to an annual return of 25%. In other words, an £1,000 investment in the company is expected to return £3,016 in five years time. The assumptions used to estimate the return figure can be found in the table below.
The Stockhub users estimate that the expected return of an investment in the company over the next five years is ccc%, which equates to an annual return of ccc%. In other words, an £1,000 investment in the company is expected to return £ccc in five years time. The assumptions used to estimate the return figure can be found in the table below.


Assuming that a suitable return level over five years is 25% per year or less, and Freetrade achieves its expected return level (of 25%), then an investment in the company is considered to be an 'suitable' one.
Assuming that a suitable return level over five years is 10% per year and Freetrade achieves its expected return level (of negative 24%), then an investment in the company is considered to be an 'ccc' one.


===What are the assumptions used to estimate the return?===
===What are the assumptions used to estimate the return?===
Line 4,872: Line 4,610:
|-
|-
|Discount rate (%)
|Discount rate (%)
|30%
|15%
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|There are two key risk parameters for a firm that need to be estimated: its cost of equity and its cost of debt. A key way to estimate the cost of equity is by looking at the beta (or betas) of the company in question, the cost of debt from a measure of default risk (an actual or synthetic rating) and apply the market value weights for debt and equity to come up with the cost of capital.
|-
|-
|Probability of success (%)
|Probability of success (%)
|70%
|90%
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 1) is 70%.
|Research suggests that a suitable rate for a company in this growth stage (i.e. stage 1) is 90%.
|-
|-
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''  
| colspan="3" |'''<div style="text-align: center;">Growth stage 2</div>'''  
Line 4,886: Line 4,624:
|-
|-
|Probability of success (%)
|Probability of success (%)
| 80%
| 90%
| Research suggests that a suitable rate for a company in this growth stage (i.e. stage 2) is 80%.
| Research suggests that a suitable rate for a company in this growth stage (i.e. stage 2) is 90%.


|-
|-
Line 4,915: Line 4,653:
|-
|-
|What's the current value of the company?
|What's the current value of the company?
|£225 million
|£658 million
|As at 13th June 2023, the current value of its company at £225 million.<ref name=":9" />
|As at 24th November 2021, the current value of its company at £658 million.
|-
|-
|Which time period do you want to use to estimate the expected return?
|Which time period do you want to use to estimate the expected return?
Line 4,929: Line 4,667:
#The size of the total addressable market (the default size is $1.3 trillion);
#The size of the total addressable market (the default size is $1.3 trillion);
#Freetrade peak market share (the default share is 1%); and
#Freetrade peak market share (the default share is 1%); and
#The discount rate (the default time-weighted average rate is 16.50%).
#The discount rate (the default time-weighted average rate is 10%).


The impact of a 50% change in those main inputs to the expected return of the Freetrade investment is shown in the table below.
The impact of a 50% change in those main inputs to the expected return of the Freetrade investment is shown in the table below.


{| class="wikitable sortable"
{| class="wikitable sortable"
|+Freetrade investment expected return sensitivity analysis
|+Freetrade investment expected return sensitive analysis
!Main input
!Main input
!50% worse  
!50% worse  
!Unchanged
!Unchanged
!50% better
!50% better
|-
|The discount rate
|(258)%
|202%
|1752%
|-
|-
|The size of the total addressable market
|The size of the total addressable market
|51%
|ccc
|202%
|ccc
|352%
|ccc
|-
|-
|Freetrade peak market share
|Freetrade peak market share
|51%
|ccc
| 202%
| ccc
|352%
| ccc
|-
|The discount rate
 
|ccc
|ccc
| ccc
 
|}
|}


Line 4,962: Line 4,702:


==== What's the expected return of an investment in Freetrade using the relative valuation approach? ====
==== What's the expected return of an investment in Freetrade using the relative valuation approach? ====
Stockhub estimates that the expected return of an investment in Freetrade over the next five years is 4044%, which equates to an annual return of 111%. In other words, an £1,000 investment in the company is expected to return £5044 in five years time. The assumptions used to estimate the return figure can be found in the table below.
Stockhub estimates that the expected return of an investment in Freetrade over the next five years is 948%, which equates to an annual return of 60%. In other words, an £1,000 investment in the company is expected to return £10,480 in five years time. The assumptions used to estimate the return figure can be found in the table below.
 
Assuming that a suitable return level over the next five years is 20% per year and Freetrade achieves its expected return level (of 60% per year), then an investment in the company is considered to be a 'suitable' one.


==== What are the assumptions used to estimate the return figure? ====
==== What are the assumptions used to estimate the return figure? ====
Line 5,005: Line 4,747:


#The growth-adjusted EV/sales multiple (the default multiple 0.19);
#The growth-adjusted EV/sales multiple (the default multiple 0.19);
#Freetrade Year 5 sales figure (the default figure is £777 million); and
#Freetrade Year 5 sales figure (the default figure is £ccc million); and
#Freetrade Year 6 sales growth rate (the default rate is 63%).
#Freetrade Year 6 sales growth rate (the default rate is ccc%).


The impact of a 50% change in those main inputs to the expected return of the Freetrade investment is shown in the table below.
The impact of a 50% change in those main inputs to the expected return of the Freetrade investment is shown in the table below.


{| class="wikitable sortable"
{| class="wikitable sortable"
|+Freetrade investment expected return sensitivity analysis
|+Freetrade investment expected return sensitive analysis
!Main input
!Main input
!50% worse  
!50% worse  
Line 5,018: Line 4,760:
|-
|-
|The growth-adjusted EV/sales multiple
|The growth-adjusted EV/sales multiple
|1972%
|ccc
|4044%
|ccc
|6116%
|ccc
|-
|-
|Freetrade Year 5 sales figure
|Freetrade Year 5 sales figure
|1972%
|ccc
|4044%
| ccc
|6116%
| ccc
|-
|-
|Freetrade Year 6 sales growth rate
|Freetrade Year 6 sales growth rate


|1972%
|ccc
|4044%
|ccc
|6116%
| ccc


|}
|}
Line 5,053: Line 4,795:
!
!
|-
|-
|Local currency
|'''Local currency'''
|GBP
|GBP
|EUR
|EUR
Line 5,063: Line 4,805:
|N/A
|N/A
|-
|-
|Current market capitalisation (local currency, million)
|'''Current market capitalisation (local currency, million)'''
|658
|658
|N/A
|N/A
Line 5,073: Line 4,815:
|N/A
|N/A
|-
|-
|Year ago sales
|'''Year ago sales'''
|16
|16
|
|
Line 5,083: Line 4,825:
|N/A
|N/A
|-
|-
|Current sales
|'''Current sales'''
|37
|37
|N/A
|N/A
Line 5,093: Line 4,835:
|N/A
|N/A
|-
|-
|Sales growth rate (%)
|'''Sales growth rate (%)'''
|135
|135
|N/A
|N/A
Line 5,103: Line 4,845:
|N/A
|N/A
|-
|-
|Current cash
|'''Current cash'''
|23
|23
|
|
Line 5,113: Line 4,855:
|N/A
|N/A
|-
|-
|Current debt
|'''Current debt'''
|32<ref>https://www.crowdcube.com/companies/freetrade/pitches/qQNNal</ref>
|32<ref>https://www.crowdcube.com/companies/freetrade/pitches/qQNNal</ref>
|
|
Line 5,128: Line 4,870:
!
!
|-
|-
|Enterprise value/sales
|'''Enterprise value/sales'''
|41.69
|41.69
|N/A
|N/A
Line 5,138: Line 4,880:
|'''5.15'''
|'''5.15'''
|-
|-
|Growth-adjusted enterprise value/sales ratio
|'''Growth-adjusted enterprise value/sales ratio'''
|0.31
|0.31
|N/A
|N/A
Line 5,153: Line 4,895:
!
!
|-
|-
|Lifecycle growth stage
|'''Lifecycle growth stage'''
|Stage 1 (of 4)
|Stage 1 (of 4)
|Stage 2 (of 4)
|Stage 2 (of 4)
Line 5,163: Line 4,905:
|N/A
|N/A
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|'''Cost of goods sold as a proportion of revenue (%)'''
|12.92%
|12.9%
|N/A
|
|N/A
|
|N/A
|0%
|N/A
|
|
|
|
|
|
|
|-
|-
|Operating expenses as a proportion of revenue (%)
|'''Operating expenses as a proportion of revenue (%)'''
|230.83%
|(143.75)%
|41.11%
|
|174.45%
|
|46.31%
|
|64.00%
|
|
|
|
|
|
|
|-
|-
|Tax rate (%)
|'''Tax rate (%)'''
|(6.23)%
|(6.23)%
|15.23%
|
|0.10%
|
|19.84%
|
|19.98%
|
|
|
|
|
|
|
|-
|-
|Depreciation and amortisation rate (%)
|'''Depreciation and amortisation as a proportion of fixed capital (%)'''
|76.85%
|76.85%
|79.52%
|
|35.67%
|
|22.91%
|
|14.94%
|
|
|
|
|
|
|
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|'''Fixed capital as a proportion of revenue (%)'''
|15.12%
|15.12%
|1.13%
|
|2.06%
|
|2.35%
|
|2.06%
|
|
|
|
|
|
|
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|'''Working capital as a proportion of revenue (%)'''
|121.88%
|
|52.01%
|
|(20.03)%
|
|(3.09)%
|
|0.18%
|
|
|
|
|
|
|
|-
|-
|Net borrowing as a proportion of revenue (%)
|'''Net borrowing ($000)'''
|43.49%
|0.27%
|0%
| -0.67%
| -1.52%
|
|
|
|
|
|
|-
|Interest expense as a proportion of revenue (%)
|0.12%
|0.41%
|0%
|0.14%
|0.48%
|
|
|
|
|
|
|}
|
{| class="wikitable"
|
|-
|'''Interest amount ($000)'''
|
|
|
|
|
|
|
|
|}
{| class="wikitable"
|+Key metrics for different stages of the business lifecycle
|+Key metrics for different stages of the business lifecycle
!
!
Line 5,251: Line 4,993:
!Stage 4
!Stage 4
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|'''Cost of goods sold as a proportion of revenue (%)'''
|12.92%
|
|0.00%
|
|0.00%
|
|36.13%
|
|-
|-
|Operating expenses as a proportion of revenue (%)
|'''Operating expenses as a proportion of revenue (%)'''
|202.64%
|
|41.11%
|
|55.16%
|
|174.39%
|
|-
|-
|Tax rate (%)
|'''Tax rate (%)'''
|(3.07)%
|
|15.23%
|19.91%
|(1.94)%
|-
|Depreciation and amortisation rate (%)
|56.26%
|79.52%
|18.93%
|47.29%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|8.59%
|1.13%
|2.21%
|6.25%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|50.93%
|52.01%
|(1.46)%
|2.13%
|-
|Net borrowing as a proportion of revenue (%)
|21.75%
|0.27%
|(1.10)%
|0%
|-
|Interest expense as a proportion of revenue (%)
|0.06%
|0.41%
|0.31%
|0%
|}
{| class="wikitable"
|+Stage 1
!
!Freetrade
!Robinhood
!
!Median
|-
|Cost of goods sold as a proportion of revenue (%)
|12.92%
|N/A
|
|
|12.92%
|-
|Operating expenses as a proportion of revenue (%)
|230.83%
|174.45%
|
|
|202.64%
|-
|Tax rate (%)
|(6.23)%
|0.10%
|
|
|(3.07)%
|-
|-
|Depreciation and amortisation rate (%)
|'''Depreciation and amortisation as a proportion of fixed capital (%)'''
|76.85%
|35.67%
|
|
|56.26%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|15.12%
|2.06%
|
|
|8.59%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|121.88%
|(20.03)%
|
|
|50.93%
|-
|Net borrowing as a proportion of revenue (%)
|43.49%
|0%
|
|
|21.75%
|-
|-
|Interest expense as a proportion of revenue (%)
|'''Fixed capital as a proportion of revenue (%)'''
|0.12%
|0%
|
|
|0.06%
|}
{| class="wikitable"
|+Stage 2
!
!Trading 212
!
!
!Median
|-
|Cost of goods sold as a proportion of revenue (%)
|N/A
|
|
|
|
|0.00%
|-
|Operating expenses as a proportion of revenue (%)
|41.11%
|
|
|
|41.11%
|-
|-
|Tax rate (%)
|'''Working capital as a proportion of revenue (%)'''
|15.23%
|
|
|
|
|15.23%
|-
|Depreciation and amortisation rate (%)
|79.52%
|
|
|
|
|79.52%
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|'''Net borrowing ($000)'''
|1.13%
|
|
|
|
|1.13%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|52.01%
|
|
|
|
|52.01%
|-
|-
|Net borrowing as a proportion of revenue (%)
|'''Interest amount ($000)'''
|0.27%
|
|
|
|
|0.27%
|-
|Interest expense as a proportion of revenue (%)
|0.41%
|
|
|
|
|0.41%
|}
|}
{| class="wikitable"
{| class="wikitable"
|+Stage 3
|+Hargreaves Lansdown
!
!
!AJ Bell
!30/06/2018
!Hargreaves Lansdown
!30/06/2019
!
!30/06/2020
!Median
!30/06/2021
!30/06/2022
|-
|-
|Cost of goods sold as a proportion of revenue (%)
! colspan="6" |Profit and loss
|N/A
|N/A
|
|0.00%
|-
|-
|Operating expenses as a proportion of revenue (%)
|Revenue (£'million)
|64.00%
|447.50
|46.31%
|480.50
|
|550.90
|55.16%
|631.00
|583.00
|-
|-
|Tax rate (%)
|Gross profit
|19.98%
|19.84%
|
|
|19.91%
|-
|Depreciation and amortisation rate (%)
|14.94%
|22.91%
|
|
|18.93%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|2.06%
|2.35%
|
|
|2.21%
|0
|0
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Operating profit/(loss)
|0.18%
|291.10
|(3.09)%
|303.30
|
|337.70
|(1.46)%
|365.60
|270.00
|-
|-
|Net borrowing as a proportion of revenue (%)
|Profit for the period
| -1.52%
|236.70
| -0.67%
|247.60
|
|313.20
|(1.10)%
|296.30
|215.80
|-
! colspan="6" |Balance sheet
|-
|Cash and cash equivalents (£'million)
|125.30
|179.30
|235.90
|445.3
|488.3
|-
|Debt (£'million)
|0
|0
|19.90
|15.00
|11.80
|-
|Net assets
|405.20
|459.30
|557.60
|592.40
|573.50
|-
|-
|Interest expense as a proportion of revenue (%)
! colspan="6" |Cash flow statement
|0.48%
|0.14%
|
|0.31%
|}
{| class="wikitable"
|+Stage 4
!
!Blackberry
!
!
!Median
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|Net cash from/(used in) operating activities
|36.13%
|
|
|
|
|36.13%
|265.4
|328.6
|262.9
|-
|-
|Operating expenses as a proportion of revenue (%)
|Net cash from/(used in) investing activities
|174.39%
|
|
|
|
|174.39%
|7.8
|151.7
|26.4
|-
|-
|Tax rate (%)
|Net cash from/(used in) financing activities
|(1.94)%
|
|
|
|
|(1.94)%
|(216.6)  
|(270.9)
|(246.3)
|-
! colspan="6" |Revenue breakdown
|-
|-
|Depreciation and amortisation rate (%)
| colspan="6" |'''Ongoing revenue'''
|47.29%
|-
|Platform fees
|
|
|
|
|47.29%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|6.25%
|
|
|
|263.7
|6.25%
|289.1
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Fund management fees
|2.13%
|
|
|
|
|2.13%
|-
|Net borrowing as a proportion of revenue (%)
|0%
|
|
|60.8
|60.3
|-
|Ongoing advice charges
|
|
|0%
|
|
|9.0
|8.3
|-
|-
|Interest expense as a proportion of revenue (%)
|Interest earned on client money
|0%
|
|
|
|
|
|0%
|51.9
|}
|51.8
{| class="wikitable"
|+Hargreaves Lansdown
!
!30/06/2018
!30/06/2019
!30/06/2020
!30/06/2021
!30/06/2022
|-
|-
!
|Renewal commission
!Historic
|
!Historic
|
!Historic
|
!Historic
|5.1
!Historic
|4.6
|-
|-
! colspan="6" |Profit and loss
| colspan="6" |'''Transactional revenue'''
|-
|-
|Revenue (£'million)
|Fees on stockbroking transactions
|447.50
|480.50
|550.90
|631.00
|583.00
|-
|Gross profit
|
|
|
|
|
|
|N/A
|231.6
|N/A
|164.6
|-
|-
|Operating profit/(loss)
|Initial advice charges
|291.10
|
|303.30
|
|337.70
|
|365.60
|5.1
|270.00
|4.0
|-
|-
|Net interest
|Other transactional income
|1.30
|
|2.50
|
|1.80
|
|0.40
|3.8
|(0.80)
|0.3
|-
|-
|Profit Before Tax
! colspan="6" |Metrics
|292.40
|305.80
|378.30
|366.00
|269.20
|-
|-
|Profit for the period
|Cost of goods sold as a proportion of revenue (%)
|236.70
|
|247.60
|
|313.20
|296.30
|215.80
|-
! colspan="6" |Balance sheet
|-
| colspan="6" |'''Assets'''
|-
| colspan="6" |'''Non-current assets'''
|-
|Goodwill
|
|
|
|
|
|
|1.3
|1.3
|-
|-
|Other intangible assets
|Operating expenses as a proportion of revenue (%)
|
|
|
|
|
|
|
|
|33.6
|37.3
|-
|-
|Property, plant and equipment
|Tax rate (%)
|
|
|
|
|
|
|
|
|22.5
|28.6
|-
|-
|Deferred tax assets
|Depreciation and amortisation as a proportion of fixed capital (%)
|
|
|
|
|
|
|
|
|3.7
|1.9
|-
|-
| colspan="6" |'''Current assets'''
|Fixed capital as a proportion of revenue (%)
|-
|
|Investments
|
|
|
|
|
|
|
|0.9
|0.8
|-
|-
|Trade and other receivables
|Working capital as a proportion of revenue (%)
|
|
|
|
|
|
|869.2
|523.5
|-
|Cash and cash equivalents (£'million)
|125.30
|179.30
|235.90
|445.3
|488.3
|-
|Current tax assets
|
|
|
|
|-
|Net borrowing ($000)
|
|
|1.5
|0.6
|-
|Total current assets
|
|
|
|
|
|
|1,316.9
|1,013.2
|-
| colspan="6" |'''Liabilities'''
|-
| colspan="6" |'''Non-current liabilities'''
|-
|Debt (£'million)
|0
|0
|19.90
|15.00
|11.80
|-
| colspan="6" |'''Current liabilities'''
|-
|Trade and other payables
|
|
|
|
|774.0
|488.3
|-
|-
|Total current liabilities
|Interest amount ($000)
|
|
|
|
|
|
|774.0
|488.3
|-
|Net assets
|405.20
|459.30
|557.60
|592.40
|573.50
|-
! colspan="6" |Cash flow statement
|-
|'''Net cash from/(used in) operating activities'''
|
|
|
|
|'''265.4'''
|}
|'''328.6'''
{| class="wikitable"
|'''262.9'''
|+AJ Bell Plc
!
!30/09/2018
!30/09/2019
!30/09/2020
!30/09/2021
!30/09/2022
!30/09/2023
!30/09/2024
|-
|-
| colspan="6" |'''Investing activities'''
! colspan="6" |Profit and loss
!
!
|-
|-
|Decrease in term deposits
|Revenue (£'000)
|
|
|
|
|
|126,749
|170.0
|145,826
|40.0
|163,847
|212,100
|240,900
|-
|-
|Purchase of property, plant and equipment
|Profit before tax
|
|
|
|
|
|(5.4)
|(2.8)
|-
|Purchase of intangible assets
|
|
|
|
|
|
|(12.8)
|79,800
|(10.9)
|92,600
|-
|-
|Proceeds on disposal of subsidiary
! colspan="6" |Balance sheet
!
!
|-
|Cash and cash equivalents (£'000)
|
|
|
|
|94,008
|84,030
|
|
|
|
|0.2
|0.0
|-
|-
|Proceeds/(purchase) on disposal of investments
|Debt (£'000)
|
|
|
|
|
|
|(0.3)
|0
|0.1
|0
|-
|'''Net cash from/(used in) investing activities'''
|
|
|
|
|'''7.8'''
|'''151.7'''
|'''26.4'''
|-
|-
| colspan="6" |'''Financing activities'''
! colspan="6" |Cash flow statement
!
!
|-
|-
|Purchase of own shares in EBT
|Net cash from/(used in) operating activities
|
|
|
|
|
|
|(7 .7)
|44,675
|(4.2)
|45,798
|
|
|-
|-
|Proceeds on sale of own shares in EB
|Net cash from/(used in) investing activities
|
|
|
|
|
|
|4.3
|(6,082)
|2.8
|(3,181)
|-
|Payment of principal in relation to lease liabilities
|
|
|
|
|
|(4.0)
|(3.9)
|-
|-
|Dividends paid to owners of the parent
|Net cash from/(used in) financing activities
|
|
|
|
|
|
|(263.5)
|(30,969)
|(241 .0)  
|(52,595)
|-
|'''Net cash from/(used in) financing activities'''
|
|
|
|
|'''(216.6)'''
|'''(270.9)'''
|'''(246.3)'''
|-
|-
! colspan="6" |Revenue breakdown
! colspan="8" |Metrics
|-
|-
| colspan="6" |'''Ongoing revenue'''
|Cost of goods sold as a proportion of revenue (%)
|-
|
|Platform fees
|
|
|
|
|
|
|263.7
|289.1
|-
|Fund management fees
|
|
|
|
|
|
|60.8
|60.3
|-
|-
|Ongoing advice charges
|Operating expenses as a proportion of revenue (%)
|
|
|
|
|
|
|
|9.0
|8.3
|-
|Interest earned on client money
|
|
|
|
|
|
|51.9
|51.8
|-
|-
|Renewal commission
|Tax rate (%)
|
|
|
|
|
|
|
|5.1
|4.6
|-
| colspan="6" |'''Transactional revenue'''
|-
|Fees on stockbroking transactions
|
|
|
|
|
|
|231.6
|164.6
|-
|-
|Initial advice charges
|Depreciation and amortisation as a proportion of fixed capital (%)
|
|
|
|
|
|
|5.1
|4.0
|-
|Other transactional income
|
|
|
|
|
|
|3.8
|0.3
|-
! colspan="6" |Operating costs
|-
|Depreciation of owned plant and equipment and right-of-use assets
|
|
|
|
|9.0
|8.9
|-
|-
|Amortisation of other intangible assets
|Fixed capital as a proportion of revenue (%)
|
|
|
|
|
|
|6.1
|6.2
|-
|Impairment of intangible assets
|
|
|
|
|1.1
|1.0
|-
|Marketing costs
|
|
|
|
|
|
|28.3
|25.8
|-
|-
|Operating lease rentals payable – property
|Working capital as a proportion of revenue (%)
|
|
|
|
|
|
|
|-
|Office running costs – excluding operating lease rents payable
|
|
|
|
Line 5,884: Line 5,388:
|
|
|-
|-
|FSCS costs
|Net borrowing ($000)
|
|
|
|
|
|
|
|-
|Dealing and financial services costs
|
|
|
|
Line 5,898: Line 5,397:
|
|
|-
|-
|Data and technology costs
|Interest amount ($000)
|
|
|
|
|
|
|
|-
|Legal and professional costs
|
|
|
|
Line 5,911: Line 5,405:
|
|
|
|
|}
{| class="wikitable"
|+Trading 212 Group Limited
!Year
!1<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/VjHMtIQiiQi__nVCWAt11Y5huQG68koLl03pvpnqrn0/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T213520Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=b2374cf4a6daa79a50613961fbeed5cee094a9ab08c59ad284c7ee50ff859a78</ref>
!2
!3
!4
!5
!6
!7<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/TSm136YZkgOVAft-B377F-NKlBy9iC-6ZBi-J0I__mk/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T211732Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=d6d6e64d192d38e0d55e9784f1eeaea2fc9d75fc7a93e9c93081aa1ac5c5bc57</ref>
|-
|-
|Other operating costs
!Year end date
|
!31/12/2015
|
!31/12/2016
|
!31/12/2017
!31/12/2018
!31/12/2019
!31/12/2020
!31/12/2021
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
|-
! colspan="8" |Profit and loss
|-
|Revenue (£'000)
|925
|3,081
|
|
|
|
|
|124,077
|138,685
|-
|-
|Staff (including contractors) costs
|Gross profit (£'000)
|
|
|
|
Line 5,925: Line 5,452:
|
|
|
|
|124,077
|138,685
|-
|-
|Total
|Other operating income
|
|
|
|
|
|
|
|
|
|
|266.0
|313.0
|-
|-
! colspan="6" |Metrics
|Administrative expenses
|-
|
|Cost of goods sold as a proportion of revenue (%)
|
|
|
|
|
|
|N/A
|N/A
|-
|Operating expenses as a proportion of revenue (%)
|65.05
|63.12
|61.30
|57.94
|46.31
|-
|Tax rate (%)
|19.05
|19.03
|17.21
|19.04
|19.84
|-
|Depreciation and amortisation rate (%)
|
|
|
|
|
|
|26.92
|22.91
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|Profit from operations
|345
|1,603
|
|
|
|
|
|
|
|
|2.88
|2.35
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|Finance income
|
|
|
|
|
|
|
|
|(3.09)
|-
|Net borrowing as a proportion of revenue (%)
|
|
|
|
|
|
| -0.62%
| -0.67%
|-
|-
|Interest expense as a proportion of revenue (%)
|Finance expense
|
|
|
|
|
|
|
|
|
|
|0.16%
|0.14%
|}
{| class="wikitable"
|+AJ Bell Plc
!
!30/09/2018
!30/09/2019
!30/09/2020
!30/09/2021
!30/09/2022
!30/09/2023
!30/09/2024
|-
|-
!
|Profit before tax
!Historic
!Historic
!Historic
!Historic
!Historic
!Forecast
!Forecast
|-
! colspan="6" |Profit and loss
!
!
|-
|Revenue (£'000)
|
|
|
|
|126,749
|145,826
|163,847
|212,100
|240,900
|-
|Administrative expenses
|
|
|
|
|
|
|(89,975)
|(104,866)
|
|
|
|
|-
|-
|Operating profit
|Tax expense
|
|
|
|
|
|
|55,851
|58,981
|
|
|
|
|-
|Investment income
|
|
|
|
|-
|Profit for the year
|
|
|23
|198
|
|
|
|
|-
|Finance costs
|
|
|
|
|
|
|(790)
|(768)
|
|
|-
|Exchange (losses)/gains arising on translation on foreign operations
|
|
|-
|Profit before tax
|
|
|
|
|
|
|55,084
|58,411
|79,800
|92,600
|-
|Tax expense
|
|
|
|
|
|
|(11,262)
|-
|(11,672)
|Total comprehensive income
|
|
|
|
|-
| colspan="8" |'''Profit for the financial year attributable to:'''
|-
|Equity holders of the Parent Company
|
|
|
|
|
|
|43,822
|46,739
|
|
|
|
|-
|-
| colspan="8" |'''Earnings per share:'''
! colspan="8" |Balance sheet
|-
|-
|Basic (pence)
|
|
|
|
|
|
|10.71
|11.39
|
|
|
|
|-
|Diluted (pence)
|
|
|
|
|10.67
|11.35
|
|
|
|
|-
|-
! colspan="6" |Balance sheet
! colspan="8" |Cash flow statement
!
!
|-
|-
| colspan="8" |'''Assets'''
|Net cash from/(used in) operating activities
|-
| colspan="8" |'''Non-current assets'''
|-
|Goodwill
|
|
|
|
|
|6,991
|6,991
|
|
|
|
|7,306
|(9.342)
|91,358
|-
|-
|Other intangible assets
|Net cash from/(used in) investing activities
|
|
|
|
|
|6,014
|8,779
|
|
|
|
|121
|(1,767)
|(1,564)
|-
|-
|Property, plant and equipment
|Net cash from/(used in) financing activities
|
|
|
|
|
|3,351
|3,325
|
|
|
|
|(3,902)
|7,007
|370
|-
! colspan="8" |Metrics
|-
|-
|Right-of-use assets
|Cost of goods sold as a proportion of revenue (%)
|
|
|
|
|
|
|13,325
|12,273
|
|
|
|
|0%
|0%
|-
|-
|Deferred tax asset
|Operating expenses as a proportion of revenue (%)
|
|
|
|
|
|
|940
|610
|
|
|
|
|-
|
|
|
|
|-
|Tax rate (%)
|
|
|
|
|30,621
|31,978
|
|
|
|
|-
| colspan="8" |'''Current assets'''
|-
|Trade and other receivables
|
|
|
|
|
|
|37,462
|-
|49,436
|Depreciation and amortisation as a proportion of fixed capital (%)
|
|
|
|
|-
|Current tax receivable
|
|
|
|
|
|
|51
|38
|
|
|
|
|-
|-
|Cash and cash equivalents (£'000)
|Fixed capital as a proportion of revenue (%)
|
|
|
|
|
|
|94,008
|84,030
|
|
|
|
|-
|
|
|
|
|-
|Working capital as a proportion of revenue (%)
|
|
|
|
|131,521
|133,504
|
|
|-
|Total assets
|
|
|
|
|
|
|162,142
|165,482
|
|
|
|
|-
|-
| colspan="8" |'''Liabilities'''
|Net borrowing ($000)
|-
| colspan="8" |'''Current liabilities'''
|-
|Trade and other payables
|
|
|
|
|
|
|(12,765)
|(15,604)
|
|
|-
|Lease liabilities
|
|
|
|
|
|(1,708)
|(1,566)
|
|
|
|
|-
|-
|Provisions
|Interest amount ($000)
|
|
|
|
|
|
|(1,526)
|(519)
|
|
|
|
|-
|
|
|
|
|(15,999)
|(17,689)
|
|
|
|
|}
{| class="wikitable"
|+Robinhood Markets, Inc.
!
!30/09/2018
!30/09/2019
!30/09/2020
!30/09/2021
!30/09/2022
|-
|-
| colspan="8" |'''Non-current liabilities'''
! colspan="6" |Profit and loss
|-
|-
|Lease liabilities
|Revenue (£'000)
|
|
|
|
|
|
|(13,886)
|(12,395)
|
|
|
|
|-
|-
|Provisions
|Profit before tax
|
|
|
|
|
|
|(1,549)
|(2,004)
|
|
|
|
|-
|-
! colspan="6" |Balance sheet
|-
|Cash and cash equivalents (£'000)
|
|
|
|
|
|
|
|(15,435)
|(14,399)
|
|
|
|
|-
|-
|Total liabilities
|Debt (£'000)
|
|
|
|
|
|
|(31,434)
|(32,088)
|
|
|
|
|-
|-
|Net assets
! colspan="6" |Cash flow statement
|-
|Net cash from/(used in) operating activities
|
|
|
|1,876
|(885)
|(852)
|-
|Net cash from/(used in) investing activities
|
|
|
|
|130,708
|(32)
|133,394
|(238)
|(60)
|-
|Net cash from/(used in) financing activities
|
|
|
|
|1,276
|5,203
|0
|-
|-
| colspan="8" |'''Equity'''
! colspan="6" |Metrics
|-
|-
|Share capital
|Cost of goods sold as a proportion of revenue (%)
|
|
|
|
|
|
|51
|51
|
|
|
|
|-
|-
|Share premium
|Operating expenses as a proportion of revenue (%)
|
|
|
|
|
|
|8,658
|8,930
|
|
|
|
|-
|-
|Own shares
|Tax rate (%)
|
|
|
|
|
|
|(740)
|(473)
|
|
|
|
|-
|-
|Retained earnings
|Depreciation and amortisation as a proportion of fixed capital (%)
|
|
|
|
|
|
|122,739
|124,886
|
|
|
|
|-
|-
|Total equity
|Fixed capital as a proportion of revenue (%)
|
|
|
|
|
|
|130,708
|133,394
|
|
|
|
|-
|-
! colspan="6" |Cash flow statement
|Working capital as a proportion of revenue (%)
!
!
|-
| colspan="8" |'''Cash flows from operating activities'''
|-
|Profit for the financial year
|
|
|
|
|
|
|43,822
|46,739
|
|
|
|
|-
|-
| colspan="8" |Adjustments for:
|Net borrowing ($000)
|-
|Investment income
|
|
|
|
|
|
|(23)
|(198)
|
|
|
|
|-
|-
|Finance costs
|Interest amount ($000)
|
|
|
|
|
|
|790
|768
|
|
|
|
|}
=== Funding History<ref>https://www.crunchbase.com/organization/freetrade-limited</ref> ===
As of November 24th 2021, the company held a valuation of £658 million. However, it has since executed two funding rounds through debt financing instead of equity, which hints at a potential decrease in its valuation from the previous £658 million.
{| class="wikitable"
!Date announced
!Investment type
!Post money valuation
!Amount
!No. of investors
|-
|-
|Income tax expense
|15/09/2022
|
|Equity Crowdfunding
|
| -
|
|US$1,733,820.00
|11,262
| -
|11,672
|
|
|-
|-
|Depreciation and amortisation
|20/05/2022
|
|Debt Financing
|
| -
|
|£30,000,000.00
|3,623
|6
|3,643
|
|
|-
|-
|Share-based payment expense
|24/11/2021
|
|Equity Crowdfunding
|
|£658,363,176.00
|
|£8,363,176.00
|4,952
| -
|4,728
|
|
|-
|-
|Decrease in provisions and other payables
|23/03/2021
|
|Series B
|
|US$345,057,713.00
|
|£35,000,000.00
|(69)
|4
|(1,007)
|
|
|-
|-
|Loss on disposal of property, plant and equipment
|14/05/2020
|
|Equity Crowdfunding
|
| -
|
|£7,099,999.00
|13
| -
|21
|
|
|-
|-
|Profit on disposal of right-of-use assets
|31/10/2019
|
|Series A
|
| -
|
|£12,000,000.00
|(3)
|1
|0
|
|
|-
|-
|Increase in trade and other receivables
|25/06/2019
|
|Equity Crowdfunding
|
| -
|
|£3,793,410.00
|(6,889)
|1
|(11,974)
|
|
|-
|-
|Increase / (decrease) in trade and other payables
|25/04/2019
|
|Equity Crowdfunding
|
| -
|
|US$1,927,630.00
|(1,347)
|1
|2,839
|
|
|-
|-
|Cash generated from operations
|29/07/2018
|
|Equity Crowdfunding
|
|£46,516,630.00
|
|£3,516,630.00
|56,131
|1
|57,231
|
|
|-
|-
|Income tax paid
|18/05/2018
|
|Pre Seed
|
| -
|
| -
|(11,455)
|2
|(11,433)
|
|
|-
|-
|Interest expense paid
|05/03/2017
|
|Equity Crowdfunding
|
| -
|
|£1,071,850.00
|(1)
|4
|0
|
|
|-
|-
|Net cash from/(used in) operating activities
|01/03/2017
|
|Seed
|
| -
|
| -
|44,675
| -
|45,798
|
|
|-
|-
| colspan="8" |'''Cash flows from investing activities'''
|28/07/2016
|Equity Crowdfunding
|£2,069,980.00
|£169,980.00
| -
|}
 
===Economic links to cash flow patterns ===
{| class="wikitable"
|+Economic links to cash flow patterns
|-
|-
|Purchase of other intangible assets
!Cash flow type!!Introduction!!Growth!!Shake out!!Mature!!Decline
|
|
|
|(2,370)
|(2,365)
|
|
|-
|-
|Purchase of property, plant and equipment
|Operating|| style="background: red; color: white;" |-|| style="background: green; color: white;" |+
|
| style="background: orange; color: white;" | +/-|| style="background: green; color: white;" |+|| style="background: red; color: white;" |-
|
|
|(1,174)
|(1,014)
|
|
|-
|-
|Acquisition of subsidiary, net of cash acquired
|Investing|| style="background: red; color: white;" |-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-
| style="background: green; color: white;" | +
|-
|Financing|| style="background: green; color: white;" |+|| style="background: green; color: white;" |+|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-
|}
 
=== Beta risk profile ===
{| class="wikitable"
|+
!Beta value
!Risk rating
|-
|0 to 0.50
|Low
|-
|0.50 to 1.50
|Medium
|-
|1.50 to 3.00
|High
|-
|3.00 and above
|Extremely high
|}
 
=== Freetrade adjusted beta calculation ===
{| class="wikitable"
|+
!Date
!iShares MSCI World ETF share price
!Freetrade valuation (£)
!iShares MSCI World ETF share price change
!Freetrade valuation change
|-
|01/07/2018
|82
|2,069,980
|
|
|
|
|-
|01/08/2018
|83
|46,516,630
|1.14%
|2147.20%
|-
|01/09/2018
|84
|46,516,630
|0.75%
|
|
|(2,561)
|-
|0
|01/10/2018
|78
|46,516,630
|style="color: red;" |(7.14)%
|
|
|-
|01/11/2018
|79
|46,516,630
|1.13%
|
|
|-
|-
|Interest received
|01/12/2018
|72
|46,516,630
|style="color: red;" |(8.51)%
|
|
|-
|01/01/2019
|78
|46,516,630
|8.75%
|
|
|-
|01/02/2019
|81
|46,516,630
|2.98%
|
|
|23
|-
|198
|01/03/2019
|82
|46,516,630
|1.49%
|
|
|-
|01/04/2019
|85
|46,516,630
|3.72%
|
|
|-
|-
|Net cash from/(used in) investing activities
|01/05/2019
|80
|46,516,630
|style="color: red;" |(5.79)%
|
|
|-
|01/06/2019
|84
|46,516,630
|4.91%
|
|
|-
|01/07/2019
|86
|46,516,630
|2.30%
|
|
|(6,082)
|-
|(3,181)
|01/08/2019
|
|84
|46,516,630
|style="color: red;" |(2.20)%
|
|
|-
|-
| colspan="8" |'''Cash flows from financing activities'''
|01/09/2019
|86
|46,516,630
|2.16%
|
|-
|-
|Payments of principal in relation to lease liabilities
|01/10/2019
|88
|46,516,630
|2.55%
|
|
|-
|01/11/2019
|90
|46,516,630
|2.80%
|
|
|-
|01/12/2019
|92
|46,516,630
|2.09%
|
|
|(1,241)
|-
|(1,716)
|01/01/2020
|92
|46,516,630
|style="color: red;" |(0.13)%
|
|
|-
|01/02/2020
|85
|46,516,630
|style="color: red;" |(8.25)%
|
|
|-
|-
|Payments of interest on lease liabilities
|01/03/2020
|74
|46,516,630
|style="color: red;" |(13.09)%
|
|
|-
|01/04/2020
|81
|46,516,630
|10.82%
|
|
|-
|01/05/2020
|86
|46,516,630
|5.03%
|
|
|(789)
|-
|(768)
|01/06/2020
|87
|46,516,630
|1.59%
|
|
|-
|01/07/2020
|92
|46,516,630
|5.96%
|
|
|-
|-
|Proceeds from issue of share capital
|01/08/2020
|98
|46,516,630
|6.53%
|
|
|-
|01/09/2020
|95
|46,516,630
|style="color: red;" |(3.34)%
|
|
|-
|01/10/2020
|92
|46,516,630
|style="color: red;" |(3.00)%
|
|
|199
|-
|272
|01/11/2020
|104
|46,516,630
|12.86%
|
|
|-
|01/12/2020
|107
|46,516,630
|3.19%
|
|
|-
|-
|Dividends paid
|01/01/2021
|107
|46,516,630
|style="color: red;" |(0.10)%
|
|
|-
|01/02/2021
|110
|46,516,630
|2.49%
|
|
|-
|01/03/2021
|114
|46,516,630
|3.69%
|
|
|(29,138)
|-
|(50,383)
|01/04/2021
|119
|274,498,000
|4.32%
|490.11%
|-
|01/05/2021
|121
|274,498,000
|1.61%
|
|
|-
|01/06/2021
|121
|274,498,000
|0.77%
|
|
|-
|-
|Net cash from/(used in) financing activities
|01/07/2021
|125
|274,498,000
|2.59%
|
|
|-
|01/08/2021
|128
|274,498,000
|2.48%
|
|
|-
|01/09/2021
|122
|274,498,000
|style="color: red;" |(4.21)%
|
|
|(30,969)
|-
|(52,595)
|01/10/2021
|129
|274,498,000
|5.84%
|
|
|-
|01/11/2021
|127
|274,498,000
|style="color: red;" |(2.05)%
|
|
|-
|-
! colspan="8" |Metrics
|01/12/2021
|131
|274,498,000
|3.22%
|
|-
|-
|Cost of goods sold as a proportion of revenue (%)
|01/01/2022
|125
|274,498,000
|style="color: red;" |(4.44)%
|
|
|-
|01/02/2022
|121
|274,498,000
|style="color: red;" |(2.91)%
|
|
|-
|01/03/2022
|125
|274,498,000
|2.87%
|
|
|0%
|-
|0%
|01/04/2022
|114
|274,498,000
|style="color: red;" |(8.38)%
|
|
|-
|01/05/2022
|115
|274,498,000
|0.44%
|
|
|-
|-
|Operating expenses as a proportion of revenue (%)
|01/06/2022
|104
|274,498,000
|style="color: red;" |(9.38)%
|
|
|-
|01/07/2022
|114
|274,498,000
|9.07%
|
|
|-
|01/08/2022
|108
|274,498,000
|style="color: red;" |(4.58)%
|
|
|61.70%
|-
|64.00%
|01/09/2022
|98
|274,498,000
|style="color: red;" |(9.37)%
|
|
|-
|01/10/2022
|106
|274,498,000
|7.47%
|
|
|-
|-
|Tax rate (%)
|01/11/2022
|113
|274,498,000
|7.47%
|
|
|-
|01/12/2022
|107
|658,363,176
|style="color: red;" |(5.36)%
|139.84%
|-
|01/01/2023
|116
|658,363,176
|7.89%
|
|
|
|-
|20.45%
|01/02/2023
|19.98%
|113
|
|658,363,176
|style="color: red;" |(2.59)%
|
|
|-
|-
|Depreciation and amortisation rate (%)
|01/03/2023
|
|117
|
|658,363,176
|
|3.24%
|15.97%
|14.94%
|
|
|
|-
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|01/04/2023
|
|119
|
|658,363,176
|
|1.80%
|2.43%
|2.06%
|
|
|
|-
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|01/05/2023
|
|117
|
|658,363,176
|
|style="color: red;" |(0.99)%
|
|0.18%
|
|
|
|-
|-
|Net borrowing as a proportion of revenue (%)
|01/06/2023
|
|120
|
|658,363,176
|
|2.10%
| -1.39%
| -1.52%
|
|
|
|-
|-
|Interest expense as a proportion of revenue (%)
|09/06/2023
|
|121
|
|225,000,000<ref name=":9" />
|
|0.97%
|0.53%
|(65.82)%
|0.48%
|
|
|}
|}
{| class="wikitable"
{| class="wikitable"
|+Trading 212 Group Limited
|+Freetrade beta and adjusted beta value
!Year
|Beta:
!1<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/VjHMtIQiiQi__nVCWAt11Y5huQG68koLl03pvpnqrn0/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T213520Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=b2374cf4a6daa79a50613961fbeed5cee094a9ab08c59ad284c7ee50ff859a78</ref>
|61.33
!2
|-
!3
|Adjusted beta:
!4
|41.22
!5
|}
!6
 
!7<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/TSm136YZkgOVAft-B377F-NKlBy9iC-6ZBi-J0I__mk/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T211732Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=d6d6e64d192d38e0d55e9784f1eeaea2fc9d75fc7a93e9c93081aa1ac5c5bc57</ref>
=== Other information ===
Freetrade was unsuccessful in its 'Freetrade' word application in the EU.<ref>https://www.trademarkelite.com/europe/trademark/trademark-detail/014989172/FREETRADE</ref> Does this mean that Freetrade has to pay the trademark holder a fee to use the 'Freetrade' word in the EU?
 
{| class="wikitable"
|+
!
!Freetrade
!Trading 212
!Hargreaves Lansdown
|-
|-
!Year end date
|Austria
!31/12/2015
|style="background: red; color: white;" |No
!31/12/2016
|style="background: green; color: white;" |Yes<ref name=":0">https://globefunder.com/trading-212-countries/</ref>
!31/12/2017
|style="background: red; color: white;" |No
!31/12/2018
!31/12/2019
!31/12/2020
!31/12/2021
|-
|-
!
|Bulgaria
!Historic
|style="background: red; color: white;" |No
!Historic
|style="background: green; color: white;" |Yes<ref name=":0" />
!Historic
|style="background: red; color: white;" |No
!Historic
!Historic
!Historic
!Historic
|-
|-
! colspan="8" |Profit and loss
|Croatia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
|Revenue (£'000)
|Cyprus
|925
|style="background: red; color: white;" |No
|3,081
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|124,077
|138,685
|-
|-
|Gross profit (£'000)
|Czech Republic
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|124,077
|138,685
|-
|-
|Other operating income
|Denmark
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|106
|4,701
|-
|-
|Administrative expenses
|Estonia
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|(108,782)
|(57,018)
|-
|-
|Profit from operations
|Finland
|345
|style="background: red; color: white;" |No
|1,603
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|15,401
|86,368
|-
|-
|Finance income
|France
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|79
|244
|-
|-
|Finance expense
|French Guiana
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|(321)
|(564)
|-
|-
|Profit before tax
|Gibraltar
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|15,159
|86,048
|-
|-
|Tax expense
|Greece
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|(5,048)
|(13,109)
|-
|-
|Profit for the year
|Guadeloupe
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|10,111
|72,939
|-
|-
|Exchange (losses)/gains arising on translation on foreign operations
|Guernsey
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|1,522
|(1,317)
|-
|-
|Total comprehensive income
|Hungary
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|11,633
|71,622
|-
|-
! colspan="8" |Balance sheet
|Iceland
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
| colspan="8" |'''Assets'''
|Ireland
|style="background: green; color: white;" |Yes<ref name=":1">https://www.financemagnates.com/forex/brokers/freetrade-enters-netherland-ireland-with-zero-free-services/</ref>
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
| colspan="8" |'''Non-current assets'''
|Isle of Man
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
|Property, plant and equipment
|Italy
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|1,882
|1,384
|-
|-
|Intangible assets
|Jersey
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|67
|37
|-
|-
|Investment in associates
|Latvia
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|202
|215
|-
|-
|Trade and other receivables
|Liechtenstein
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|35
|34
|-
|-
|Deferred tax assets
|Lithuania
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|37
|99
|-
|-
|
|Luxembourg
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|2,223
|1,769
|-
|-
| colspan="8" |'''Current assets'''
|Malta
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
|Trade and other receivables
|Martinique
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|28,952
|13,360
|-
|-
|Cash and cash equivalents
|Mayotte
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|24,649
|114,813
|-
|-
|Current asset investments
|Netherlands
|
|style="background: green; color: white;" |Yes<ref name=":1" />
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|14,076
|34,995
|-
|-
|
|Norway
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|67,677
|163,168
|-
|-
|Total assets
|Poland
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|69,900
|164,937
|-
|-
| colspan="8" |Liabilities
|Portugal
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
| colspan="8" |'''Non-current liabilities'''
|Reunion
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
|Loans and borrowings
|Romania
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|27
|40
|-
|-
|
|Slovakia
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|27
|40
|-
|-
| colspan="8" |'''Current liabilities'''
|Slovenia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|-
|Trade and other payables
|Spain
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|24,524
|47,900
|-
|-
|Loans and borrowings
|Sweden
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|636
|625
|-
|-
|
|Switzerland
|
|style="background: red; color: white;" |No
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: red; color: white;" |No
|
|
|25,160
|48,525
|-
|-
|Total liabilities
|United Kingdom​​
|
|style="background: green; color: white;" |Yes<ref>https://help.freetrade.io/en/articles/1794457-which-countries-is-freetrade-available-in</ref>
|
|style="background: green; color: white;" |Yes<ref name=":0" />
|
|style="background: green; color: white;" |Yes
|
|}
|
 
|25,187
{| class="wikitable"
|48,565
|+
!
!Population
!Population date
!Date source
!Data source link
|-
|-
|Net assets
|Austria
|
|9,154,938
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/austria-population/
|
|44,713
|116,372
|-
|-
| colspan="8" |'''Issued capital and reserves attributable to owners of the parent'''
|Bulgaria
|6,797,490
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/bulgaria-population/
|-
|-
|Share capital
|Croatia
|
|4,032,123
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/croatia-population/
|
|3,132
|3,132
|-
|-
|Foreign exchange reserves
|Cyprus
|
|1,232,816
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/cyprus-population/
|
|970
|(347)
|-
|-
|Other reserves
|Czech Republic
|
|10,766,276
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/czech-republic-population/
|
|720
|720
|-
|-
|Retained earnings
|Denmark
|
|5,851,092
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/denmark-population/
|
|39,891
|112,867
|-
|-
|
|Estonia
|
|1,329,115
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/estonia-population/
|
|44,713
|116,372
|-
|-
|Total equity
|Finland
|
|5,851,092
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/finland-population/
|
|44,713
|116,372
|-
|-
! colspan="8" |Cash flow statement
|France
|65,682,979
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/france-population/
|-
|-
| colspan="8" |'''Cash flows from operating activities'''
|French Guiana
|321,180
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/french-guiana-population/
|-
|-
|Profit for the year
|Gibraltar
|
|33,662
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/gibraltar-population/
|
|10,111
|72,939
|-
|-
| colspan="8" |'''Adjustments for:'''
|Greece
|10,276,210
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/greece-population/
|-
|-
|Depreciation of property, plant and equipment
|Guadeloupe
|
|395,766
|
|09/06/2023
|
|Worldometer
|
|https://worldpopulationreview.com/countries/guadeloupe-population
|
|705
|1,099
|-
|-
|Amortisation of intangible fixed assets
|Guernsey
|
|63,521
|
|09/06/2023
|
|Worldometer
|
|https://worldpopulationreview.com/countries/guernsey-population
|
|22
|31
|-
|-
|Interest and other finance income
|Hungary
|
|9,589,714
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/hungary-population/
|
|(79)
|(244)
|-
|-
|Interest and other finance expenses
|Iceland
|
|347,645
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/iceland-population/
|
|321
|564
|-
|-
|Loss/(gain) on sale of property, plant and equipment
|Ireland
|
|5,096,846
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/ireland-population/
|
|(50)
|904
|-
|-
|Foreign exchange gain/(loss) of revaluation of assets
|Isle of Man
|
|86,334
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/isle-of-man-population/
|
|(40)
|45
|-
|-
|Foreign exchange (loss)/gain on consolidation
|Italy
|
|60,205,049
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/italy-population/
|
|1,522
|(1,280)
|-
|-
|Interest paid
|Jersey
|
|111,725
|
|09/06/2023
|
|Worldometer
|
|https://nationsgeo.com/population/europe/je/
|
|(321)
|(564)
|-
|-
|Interest received
|Latvia
|
|1,825,986
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/latvia-population/
|
|79
|244
|-
|-
|Income tax expense
|Liechtenstein
|
|38,445
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/liechtenstein-population/
|
|5,048
|13,109
|-
|-
|
|Lithuania
|
|2,612,554
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/lithuania-population/
|
|17,318
|86,847
|-
|-
| colspan="8" |'''Movements in working capital:'''
|Luxembourg
|-
|655,414
|Decrease/(increase) in trade and other receivables
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/luxembourg-population/
|
|
|
|(23,894)
|15,531
|-
|-
|Increase in current asset investments
|Malta
|
|534,914
|
|09/06/2023
|
|Worldometer
|
|https://nationsgeo.com/population/europe/mt/
|
|(13,861)
|(20,919)
|-
|-
|Increase in trade and other payables
|Martinique
|
|374,430
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/martinique-population/
|
|13,156
|19,033
|-
|-
|Cash generated from operations
|Mayotte
|
|334,796
|
|09/06/2023
|
|Worldometer
|
|https://nationsgeo.com/population/africa/yt/
|
|(7,281)
|100,492
|-
|-
|Income tax paid
|Netherlands
|
|17,244,317
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/netherlands-population/
|
|(2,061)
|(9,134)
|-
|-
|Net cash from/(used in) operating activities
|Norway
|
|5,543,798
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/norway-population/
|7,306
|(9.342)
|91,358
|-
|-
| colspan="8" |'''Cash flows from investing activities'''
|Poland
|37,727,112
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/poland-population/
|-
|-
|Purchases of property, plant and equipment
|Portugal
|
|10,110,612
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/portugal-population/
|
|(1,819)
|(1,564)
|-
|-
|Purchases of intangible assets
|Reunion
|
|913,818
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/reunion-population/
|
|(79)
|0
|-
|-
|Proceeds from disposal of property, plant and equipment
|Romania
|
|18,864,146
|
|09/06/2023
|
|Worldometer
|
|http://srv1.worldometers.info/world-population/romania-population/
|
|131
|0
|-
|-
|Net cash from/(used in) investing activities
|Slovakia
|
|5,467,253
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/slovakia-population/
|121
|(1,767)
|(1,564)
|-
|-
| colspan="8" |'''Cash flows from financing activities'''
|Slovenia
|2,079,771
|09/06/2023
|Worldometer
|http://srv1.worldometers.info/world-population/slovenia-population/
|-
|-
|Finance lease payments
|Spain
|
|46,807,044
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/spain-population/
|
|(112)
|(69)
|-
|-
|New finance leases
|Sweden
|
|10,281,472
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/sweden-population/
|
|0
|86
|-
|-
|Loan repayments
|Switzerland
|
|8,839,152
|
|09/06/2023
|
|Worldometer
|
|http://srv1.worldometers.info/world-population/switzerland-population/
|
|(91)
|(7,210)
|-
|-
|Loans received
|United Kingdom​​
|
|68,916,741
|
|09/06/2023
|
|Worldometer
|
|https://www.worldometers.info/world-population/uk-population/
|
|}
|7,210
{| class="wikitable"
|7,563
|+
!
!Freetrade
!Trading 212
!Hargreaves Lansdown
|-
|-
|Net cash from/(used in) financing activities
|How many people are able to access the platform?
|
|68,916,741
|
|436,397,348
|
|68,916,741
|
|(3,902)
|7,007
|370
|-
|-
! colspan="8" |Metrics
|What proportion of the global population is able to access the platform?<ref>Here, we have assumed that the global population is 8,037,772,395 people (source: https://www.worldometers.info/world-population/#:~:text=World%20Population%20Clock%3A%208%20Billion,(LIVE%2C%202023)%20%2D%20Worldometer<nowiki/>)</ref>
|-
|0.86%
|Cost of goods sold as a proportion of revenue (%)
|5.43%
|
|0.86%
|
|
|
|
|0%
|0%
|-
|Operating expenses as a proportion of revenue (%)
|
|
|
|
|
|87.67%
|41.11%
|-
|Tax rate (%)
|
|
|
|
|
|33.30%
|15.23%
|-
|Depreciation and amortisation rate (%)
|
|
|
|
|
|37.30%
|79.52%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|
|
|
|
|
|1.53%
|1.13%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|
|
|
|
|
|
|52.01%
|-
|Net borrowing as a proportion of revenue (%)
|
|
|
|
|
|5.65%
|0.27%
|-
|Interest expense as a proportion of revenue (%)
|
|
|
|
|
|0.26%
|0.41%
|}
{| class="wikitable"
|+Robinhood Markets, Inc.
!
!31/12/2018
!31/12/2019
!31/12/2020
!31/12/2021
!31/12/2022
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
|-
! colspan="6" |Profit and loss
|-
| colspan="6" |'''Revenues:'''
|-
|Transaction-based revenues
|
|
|
|1,402
|814
|-
|Net interest revenues
|
|
|
|256
|424
|-
|Other revenues
|
|
|
|157
|120
|-
|Total net revenues
|
|
|
|1,815
|1,358
|-
|
|
|
|
|
|
|-
| colspan="6" |'''Operating expenses:'''
|-
|Brokerage and transaction
|
|
|
|158
|179
|-
|Technology and development
|
|
|
|1,234
|878
|-
|Operations
|
|
|
|368
|285
|-
|Marketing
|
|
|
|325
|103
|-
|General and administrative
|
|
|
|1,371
|924
|-
|Total operating expenses
|
|
|
|3,456
|2,369
|-
|
|
|
|
|
|
|-
|Change in fair value of convertible notes and warrant liability
|
|
|
|2,045
|0
|-
|Other (income) expense, net
|
|
|
|(1)
|16
|-
|Income (loss) before income taxes
|
|
|
|(3,685)
|(1,027)
|-
|Provision for (benefit from) income taxes
|
|
|
|2
|1
|-
|Net income (loss)
|
|
|
|(3,687)
|(1,028)
|-
| colspan="6" |'''Net income (loss) attributable to common stockholders:'''
|-
|Basic
|
|
|
|(3,687)
|(1,028)
|-
|Diluted
|
|
|
|(3,687)
|(1,028)
|-
| colspan="6" |'''Net income (loss) per share attributable to common stockholders:'''
|-
|Basic
|
|
|
|(7.49)
|(1.17)
|-
|Diluted
|
|
|
|(7.49)
|(1.17)
|-
| colspan="6" |'''Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:'''
|-
|Basic
|
|
|
|492,381,190
|878,630,024
|-
|Diluted
|
|
|
|492,381,190
|878,630,024
|-
! colspan="6" |Balance sheet
|-
| colspan="6" |'''Assets'''
|-
| colspan="6" |'''Current assets:'''
|-
|Cash and cash equivalents
|
|
|
|6,253
|6,339
|-
|Cash segregated under federal and other regulations
|
|
|
|3,992
|2,995
|-
|Receivables from brokers, dealers, and clearing organizations
|
|
|
|88
|76
|-
|Receivables from users, net
|
|
|
|6,639
|3,218
|-
|Securities borrowed
|
|
|
|0
|517
|-
|Deposits with clearing organizations
|
|
|
|328
|186
|-
|Asset related to user cryptocurrencies safeguarding obligation
|
|
|
|0
|8,431
|-
|User-held fractional shares
|
|
|
|1,834
|997
|-
|Prepaid expenses
|
|
|
|92
|86
|-
|Other current assets
|
|
|
|57
|72
|-
|Total current assets
|
|
|
|19,283
|22,917
|-
|Property, software, and equipment, net
|
|
|
|146
|146
|-
|Goodwill
|
|
|
|101
|100
|-
|Intangible assets, net
|
|
|
|34
|25
|-
|Non-current prepaid expenses
|
|
|
|44
|17
|-
|Other non-current assets
|
|
|
|161
|132
|-
|Total assets
|
|
|
|19,769
|23,337
|-
| colspan="6" |'''Liabilities and stockholders’ equity'''
|-
| colspan="6" |'''Current liabilities:'''
|-
|Accounts payable and accrued expenses
|
|
|
|252
|185
|-
|Payables to users
|
|
|
|6,476
|4,701
|-
|Securities loaned
|
|
|
|3,651
|1,834
|-
|User cryptocurrencies safeguarding obligation
|
|
|
|0
|8,431
|-
|Fractional shares repurchase obligation
|
|
|
|1,834
|997
|-
|Other current liabilities
|
|
|
|134
|105
|-
|Total current liabilities
|
|
|
|12,347
|16,253
|-
|Other non-current liabilities
|
|
|
|129
|128
|-
|Total liabilities
|
|
|
|12,476
|16,381
|-
| colspan="6" |'''Commitments and contingencies'''
|-
| colspan="6" |'''Stockholders’ equity:'''
|-
|Additional paid-in capital
|
|
|
|11,169
|11,861
|-
|Accumulated other comprehensive income (loss)
|
|
|
|1
|0
|-
|Accumulated deficit
|
|
|
|(3,877)
|(4,905)
|-
|Total stockholders’ equity
|
|
|
|7,293
|6,956
|-
|Total liabilities and stockholders’ equity
|
|
|
|19,769
|23,337
|-
! colspan="6" |Cash flow statement
|-
| colspan="6" |'''Operating activities:'''
|-
|Net income (loss)
|
|
|
|
|
|-
| colspan="6" |Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|-
|Depreciation and amortization
|
|
|10
|26
|61
|-
|Net cash from/(used in) operating activities
|
|
|1,876
|(885)
|(852)
|-
| colspan="6" |'''Investing activities:'''
|-
|Purchase of property, software, and equipment
|
|
|(24)
|(63)
|(28)
|-
|Capitalization of internally developed software
|
|
|(8)
|(20)
|(29)
|-
|Acquisitions of a business, net of cash acquired
|
|
|0
|(125)
|0
|-
|Purchase of investments
|
|
|0
|(27)
|(25)
|-
|Sales of investments
|
|
|0
|0
|42
|-
|Other
|
|
|0
|(3)
|(20)
|-
|Net cash from/(used in) investing activities
|
|
|(32)
|(238)
|(60)
|-
| colspan="6" |'''Financing activities:'''
|-
|Proceeds from issuance of common stock in connection with initial public offering, net of offering costs
|
|
|0
|2,052
|0
|-
|Proceeds from issuance of common stock under the Employee Stock Purchase Plan
|
|
|0
|7
|16
|-
|Taxes paid related to net share settlement of equity awards
|
|
|0
|(422)
|(12)
|-
|Proceeds from issuance of convertible notes and warrants
|
|
|0
|3,552
|0
|-
|Draws on credit facilities
|
|
|938
|1,968
|21
|-
|Repayments on credit facilities
|
|
|(938)
|(1,968)
|(21)
|-
|Payments of debt issuance costs
|
|
|0
|0
|(10)
|-
|Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
|
|
|1,267
|0
|0
|-
|Proceeds from exercise of stock options, net of repurchases
|
|
|9
|14
|6
|-
|Net cash from/(used in) financing activities
|
|
|1,276
|5,203
|0
|-
! colspan="6" |Metrics
|-
|Cost of goods sold as a proportion of revenue (%)
|
|
|
|N/A
|N/A
|-
|Operating expenses as a proportion of revenue (%)
|
|
|
|190.41%
|174.45%
|-
|Tax rate (%)
|
|
|
|0.05%
|0.10%
|-
|Depreciation and amortisation rate (%)
|
|
|
|14.44%
|35.67%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|
|
|
|3.47%
|2.06%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|
|
|
|
|(20.03)%
|-
|Net borrowing as a proportion of revenue (%)
|
|
|0%
|0%
|0%
|-
|Interest expense as a proportion of revenue (%)
|
|
|
|0%
|0%
|}
{| class="wikitable"
|+Blackberry
!
!28/02/2019
!28/02/2020
!28/02/2021
!28/02/2022
!28/02/2023
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
|-
! colspan="6" |Profit and loss
|-
|Revenue
|
|
|893
|718
|656
|-
|Cost of sales
|
|
|250
|251
|237
|-
|
|
|
|
|
|
|-
|Gross margin
|
|
|643
|467
|419
|-
|
|
|
|
|
|
|-
|Operating expenses
|
|
|
|
|
|-
|Research and development
|
|
|215
|219
|207
|-
|Selling, marketing and administration
|
|
|344
|297
|340
|-
|Amortization
|
|
|182
|165
|96
|-
|Impairment of goodwill
|
|
|594
|0
|245
|-
|Impairment of long-lived assets
|
|
|43
|0
|235
|-
|Gain on sale of property, plant and  equipment, net
|
|
|0
|0
|(6)
|-
|Debentures fair value adjustment
|
|
|372
|(212)
|(138)
|-
|Litigation settlement
|
|
|0
|0
|165
|-
|
|
|
|1,750
|469
|1,144
|-
|Operating loss
|
|
|(1,107)
|(2)
|(725)
|-
|Investment income (loss), net
|
|
|(6)
|21
|5
|-
|
|
|
|
|
|
|-
|Income (loss) before income taxes
|
|
|(1,113)
|19
|(720)
|-
|Provision for (recovery of) income taxes
|
|
|(9)
|7
|14
|-
|
|
|
|
|
|
|-
|Net income (loss)
|
|
|(1,104)
|12
|(734)
|-
|Earnings (loss) per share
|
|
|
|
|
|-
|Basic
|
|
|(1.97)
|0.02
|(1.27)
|-
|Diluted
|
|
|(1.97)
|(0.31)
|(1.35)
|-
! colspan="6" |Balance sheet
|-
| colspan="6" |'''Assets'''
|-
| colspan="6" |'''Current'''
|-
|Cash and cash equivalents
|
|
|
|378
|295
|-
|Short-term investments
|
|
|
|334
|131
|-
|Accounts receivable, net of allowance of  $1 and $4, respectively
|
|
|
|138
|120
|-
|Other receivables
|
|
|
|25
|12
|-
|
|
|
|
|
|
|-
|Income taxes receivable
|
|
|
|9
|3
|-
|Other current assets
|
|
|
|159
|182
|-
|
|
|
|
|
|
|-
|
|
|
|
|1,043
|743
|-
|Restricted cash and cash equivalents
|
|
|
|28
|27
|-
|Long-term investments
|
|
|
|30
|34
|-
|Other long-term assets
|
|
|
|9
|8
|-
|
|
|
|
|
|
|-
|Operating lease right-of-use assets, net
|
|
|
|50
|44
|-
|Property, plant and equipment, net
|
|
|
|41
|25
|-
|Goodwill
|
|
|
|844
|595
|-
|Intangible assets, net
|
|
|
|522
|203
|-
|
|
|
|
|
|
|-
|
|
|
|
|2,567
|1,679
|-
| colspan="6" |'''Liabilities'''
|-
| colspan="6" |'''Current'''
|-
|Accounts payable
|
|
|
|22
|24
|-
|Accrued liabilities
|
|
|
|157
|143
|-
|Income taxes payable
|
|
|
|11
|20
|-
|Debentures
|
|
|
|0
|367
|-
|Deferred revenue, current
|
|
|
|207
|175
|-
|
|
|
|
|397
|729
|-
|Deferred revenue, non-current
|
|
|
|37
|40
|-
|Operating lease liabilities
|
|
|
|66
|52
|-
|Other long-term liabilities
|
|
|
|4
|1
|-
|Long-term debentures
|
|
|
|507
|0
|-
|
|
|
|
|
|
|-
|
|
|
|
|1,011
|822
|-
|Commitments and contingencies
|
|
|
|
|
|-
|Shareholders' equity
|
|
|
|
|
|-
|Capital stock and additional paid-in  capital
|
|
|
|
|
|-
|Preferred shares: authorized unlimited  number of non-voting, cumulative, redeemable and retractable
|
|
|
|0
|0
|-
|Common shares: authorized unlimited  number of non-voting, redeemable, retractable Class A common shares and  unlimited number of voting common shares
|
|
|
|
|
|-
|Issued and outstanding - 582,157,203  voting common shares (February 28, 2022 - 576,227,898)
|
|
|
|2,869
|2,909
|-
|Deficit
|
|
|
|(1,294)
|(2,028)
|-
|Accumulated other comprehensive loss
|
|
|
|(19)
|(24)
|-
|
|
|
|
|1,556
|857
|-
|
|
|
|
|2,567
|1,679
|-
! colspan="6" |Cash flow statement
|-
| colspan="6" |'''Cash flows from  operating activities'''
|-
|
|
|
|
|
|
|-
|Net income (loss)
|
|
|(1,104)
|12
|(734)
|-
|Adjustments to reconcile net income  (loss) to net cash provided by (used in) operating  activities:
|
|
|
|
|
|-
|Amortization
|
|
|198
|176
|105
|-
|
|
|
|
|
|
|-
|Stock-based compensation
|
|
|44
|36
|34
|-
|Gain on sale of investment
|
|
|0
|(22)
|0
|-
|Impairment of goodwill
|
|
|594
|0
|245
|-
|Impairment of long-lived assets
|
|
|43
|0
|235
|-
|
|
|
|
|
|
|-
|Gain on sale of property, plant and  equipment, net
|
|
|0
|0
|(6)
|-
|Debentures fair value adjustment
|
|
|372
|(212)
|(138)
|-
|
|
|
|
|
|
|-
|Operating leases
|
|
|(4)
|(16)
|(16)
|-
|Other
|
|
|(5)
|(3)
|(5)
|-
|Net changes in working capital items
|
|
|
|
|
|-
|Accounts receivable, net of allowance
|
|
|29
|44
|18
|-
|Other receivables
|
|
|(11)
|0
|13
|-
|
|
|
|
|
|
|-
|Income taxes receivable
|
|
|(4)
|1
|6
|-
|Other assets
|
|
|55
|15
|(1)
|-
|Accounts payable
|
|
|(11)
|2
|2
|-
|Accrued liabilities
|
|
|(20)
|(16)
|(11)
|-
|Income taxes payable
|
|
|(15)
|5
|9
|-
|Deferred revenue
|
|
|(79)
|(50)
|(29)
|-
|Net cash provided by (used in) operating  activities
|
|
|82
|(28)
|(263)
|-
| colspan="6" |'''Cash flows from investing activities'''
|-
|Acquisition of long-term investments
|
|
|(5)
|(1)
|(3)
|-
|Proceeds on sale, maturity or  distribution from long-term investments
|
|
|0
|35
|0
|-
|Acquisition of property, plant and  equipment
|
|
|(8)
|(8)
|(7)
|-
|Proceeds on sale of property, plant and  equipment
|
|
|0
|0
|17
|-
|Acquisition of intangible assets
|
|
|(36)
|(31)
|(34)
|-
|
|
|
|
|
|
|-
|Acquisition of  short-term investments
|
|
|(1,039)
|(916)
|(514)
|-
|Acquisition of restricted short-term  investments
|
|
|(24)
|0
|0
|-
|Proceeds on sale or maturity of  restricted short-term investments
|
|
|0
|24
|0
|-
|Proceeds on sale or maturity of  short-term investments
|
|
|1,047
|1,104
|717
|-
|
|
|
|
|
|
|-
|Net cash provided by (used in) investing  activities
|
|
|(65)
|207
|176
|-
| colspan="6" |'''Cash flows from financing activities'''
|-
|Issuance of common shares
|
|
|19
|10
|6
|-
|
|
|
|
|
|
|-
|Payment of finance lease liability
|
|
|(1)
|0
|0
|-
|Repurchase of 3.75% Debentures
|
|
|(610)
|0
|0
|-
|Issuance of 1.75% Debentures
|
|
|365
|0
|0
|-
|
|
|
|
|
|
|-
|Net cash provided by (used in) financing  activities
|
|
|(227)
|10
|6
|-
|Effect of foreign exchange gain (loss)  on cash, cash equivalents, restricted cash, and  restricted cash equivalents
|
|
|2
|(1)
|(3)
|-
|Net increase (decrease) in cash, cash  equivalents, restricted cash, and restricted cash  equivalents during the period
|
|
|(208)
|188
|(84)
|-
|Cash, cash equivalents, restricted cash,  and restricted cash equivalents, beginning of period
|
|
|426
|218
|406
|-
|Cash, cash equivalents, restricted cash,  and restricted cash equivalents, end of period
|
|
|218
|406
|322
|-
! colspan="6" |Metrics
|-
|Cost of goods sold as a proportion of revenue (%)
|
|
|28.00%
|34.96%
|36.13%
|-
|Operating expenses as a proportion of revenue (%)
|
|
|195.97%
|65.32%
|174.39%
|-
|Tax rate (%)
|
|
|0.81%
|36.84%
| -1.94%
|-
|Depreciation and amortisation rate (%)
|
|
|
|31.61%
|47.29%
|-
|Fixed Capital Investment (FCInv) as a proportion of revenue (%)
|
|
|4.93%
|5.43%
|6.25%
|-
|Working Capital Investment (WCInv) as a proportion of revenue (%)
|
|
|
|89.97%
|2.13%
|-
|Net borrowing as a proportion of revenue (%)
|
|
|
|0%
|0%
|-
|Interest expense as a proportion of revenue (%)
|
|
|
|0%
|0%
|}
 
=== Funding History<ref>https://www.crunchbase.com/organization/freetrade-limited</ref> ===
As of November 24th 2021, the company held a valuation of £658 million. However, it has since executed two funding rounds through debt financing instead of equity, which hints at a potential decrease in its valuation from the previous £658 million. It has been reported by relatively reliable sources that the current valuation of the company is £225 million.<ref name=":9" /> <!-- The figures in the table below don't quite align with the figures in the financial statements of Crowdcube. I think the more accurate source is the financial statements, so I suggest going with the figures there. -->
 
{| class="wikitable"
!Date announced
!Investment type
!Post money valuation
!Amount
!No. of investors
|-
|15/09/2022
|Equity Crowdfunding
| -
|US$1,733,820.00
| -
|-
|20/05/2022
|Debt Financing
| -
|£30,000,000.00
|6
|-
|24/11/2021
|Equity Crowdfunding
|£658,363,176.00
|£8,363,176.00
| -
|-
|23/03/2021
|Series B
|US$345,057,713.00
|£35,000,000.00
|4
|-
|14/05/2020
|Equity Crowdfunding
| -
|£7,099,999.00
| -
|-
|31/10/2019
|Series A
| -
|£12,000,000.00
|1
|-
|25/06/2019
|Equity Crowdfunding
| -
|£3,793,410.00
|1
|-
|25/04/2019
|Equity Crowdfunding
| -
|US$1,927,630.00
|1
|-
|29/07/2018
|Equity Crowdfunding
|£46,516,630.00
|£3,516,630.00
|1
|-
|18/05/2018
|Pre Seed
| -
| -
|2
|-
|05/03/2017
|Equity Crowdfunding
| -
|£1,071,850.00
|4
|-
|01/03/2017
|Seed
| -
| -
| -
|-
|28/07/2016
|Equity Crowdfunding
|£2,069,980.00
|£169,980.00
| -
|}
According to Crunchbase, Freetrade has raised a total of $135.5 million since the company's inception across 13 funding rounds.<ref>https://www.crunchbase.com/organization/freetrade-limited/company_financials</ref> However, that seems inaccurate when compared against the company's financial statements.
 
===Economic links to cash flow patterns ===
{| class="wikitable"
|+Economic links to cash flow patterns
|-
!Cash flow type!!Introduction!!Growth!!Shake out!!Mature!!Decline
|-
|Operating|| style="background: red; color: white;" |-|| style="background: green; color: white;" |+
| style="background: orange; color: white;" | +/-|| style="background: green; color: white;" |+|| style="background: red; color: white;" |-
|-
|Investing|| style="background: red; color: white;" |-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-
| style="background: green; color: white;" | +
|-
|Financing|| style="background: green; color: white;" |+|| style="background: green; color: white;" |+|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-
|}
 
=== Beta risk profile ===
{| class="wikitable"
|+
!Beta value
!Risk rating
|-
|style="background: green; color: white;" |0 to 0.50
|style="background: green; color: white;" | Low
|-
|style="background: orange; color: white;" | 0.50 to 1.50
|style="background: orange; color: white;" | Medium
|-
|style="background: red; color: white;" | 1.50 to 3.00
|style="background: red; color: white;" | High
|-
|style="background: purple; color: white;" | 3.00 and above
|style="background: purple; color: white;" | Extremely high
|}
 
=== Freetrade adjusted beta calculation ===
{| class="wikitable"
|+
!Date
!iShares MSCI World ETF unit price (USD)
!Freetrade share price (GBP)
!iShares MSCI World ETF unit price change (%)
!Freetrade share price change (%)
|-
|01/07/2016
|63
|0.08
|
|
|-
|01/02/2017
|68
|0.15
|7.94%
|87.50%
|-
|01/03/2018
|79
|0.25
|16.18%
|66.67%
|-
|01/04/2019
|85
|0.84
|7.59%
|236.00%
|-
|01/06/2019
|84
|0.96
| -1.18%
|14.29%
|-
|01/10/2019
|88
|0.96
|4.76%
|0.00%
|-
|01/05/2020
|86
|2.51
| -2.27%
|161.46%
|-
|01/02/2021
|110
|3.77
|27.91%
|50.20%
|-
|01/11/2021
|127
|9.25
|15.45%
|145.36%
|-
|01/06/2023
|120
|2.60
| -5.51%
| -71.89%
|}
{| class="wikitable"
|+Freetrade beta and adjusted beta value
!
!Beta
!Adjusted beta
!Comment(s)
|-
|Consistent (monthly) intervals between data points
|0.73
|0.82
|Here, when there is no valuation event, we have assumed that the share price is the same as the previous month, and, therefore, there has been no change in the share price. For example, there was no Freetrade valuation event in January 2022, so we have assumed that the valuation of Freetrade is the same in January 2022 as the previous month of December 2020 (at 9.25p), and, therefore, the share price change in January is 0%.
|-
|Inconsistent intervals between data points
|2.28
|1.85
|Because there's only seven Freetrade valuation events, and, therefore, seven, available data points, calculating beta based on inconsistent intervals between data points seems to be the best approach.
|}
 
=== Other information ===
Freetrade was unsuccessful in its 'Freetrade' word application in the EU.<ref>https://www.trademarkelite.com/europe/trademark/trademark-detail/014989172/FREETRADE</ref> Does this mean that Freetrade has to pay the trademark holder a fee to use the 'Freetrade' word in the EU?
 
{| class="wikitable"
|+
!
!Freetrade
!Trading 212
!Hargreaves Lansdown
|-
|Austria
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0">https://globefunder.com/trading-212-countries/</ref>
|style="background: red; color: white;" |No
|-
|Bulgaria
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Croatia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Cyprus
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Czech Republic
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Denmark
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Estonia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Finland
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|France
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|French Guiana
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Gibraltar
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Greece
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Guadeloupe
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Guernsey
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Hungary
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Iceland
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Ireland
|style="background: green; color: white;" |Yes<ref name=":1">https://www.financemagnates.com/forex/brokers/freetrade-enters-netherland-ireland-with-zero-free-services/</ref>
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Isle of Man
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Italy
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Jersey
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Latvia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Liechtenstein
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Lithuania
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Luxembourg
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Malta
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Martinique
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Mayotte
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Netherlands
|style="background: green; color: white;" |Yes<ref name=":1" />
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Norway
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Poland
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Portugal
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Reunion
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Romania
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Slovakia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Slovenia
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Spain
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Sweden
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|Switzerland
|style="background: red; color: white;" |No
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: red; color: white;" |No
|-
|United Kingdom​​
|style="background: green; color: white;" |Yes<ref>https://help.freetrade.io/en/articles/1794457-which-countries-is-freetrade-available-in</ref>
|style="background: green; color: white;" |Yes<ref name=":0" />
|style="background: green; color: white;" |Yes
|}
 
{| class="wikitable"
|+
!
!Population
!Population date
!Date source
!Data source link
|-
|Austria
|9,154,938
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/austria-population/
|-
|Bulgaria
|6,797,490
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/bulgaria-population/
|-
|Croatia
|4,032,123
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/croatia-population/
|-
|Cyprus
|1,232,816
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/cyprus-population/
|-
|Czech Republic
|10,766,276
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/czech-republic-population/
|-
|Denmark
|5,851,092
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/denmark-population/
|-
|Estonia
|1,329,115
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/estonia-population/
|-
|Finland
|5,851,092
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/finland-population/
|-
|France
|65,682,979
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/france-population/
|-
|French Guiana
|321,180
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/french-guiana-population/
|-
|Gibraltar
|33,662
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/gibraltar-population/
|-
|Greece
|10,276,210
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/greece-population/
|-
|Guadeloupe
|395,766
|09/06/2023
|Worldometer
|https://worldpopulationreview.com/countries/guadeloupe-population
|-
|Guernsey
|63,521
|09/06/2023
|Worldometer
|https://worldpopulationreview.com/countries/guernsey-population
|-
|Hungary
|9,589,714
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/hungary-population/
|-
|Iceland
|347,645
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/iceland-population/
|-
|Ireland
|5,096,846
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/ireland-population/
|-
|Isle of Man
|86,334
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/isle-of-man-population/
|-
|Italy
|60,205,049
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/italy-population/
|-
|Jersey
|111,725
|09/06/2023
|Worldometer
|https://nationsgeo.com/population/europe/je/
|-
|Latvia
|1,825,986
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/latvia-population/
|-
|Liechtenstein
|38,445
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/liechtenstein-population/
|-
|Lithuania
|2,612,554
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/lithuania-population/
|-
|Luxembourg
|655,414
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/luxembourg-population/
|-
|Malta
|534,914
|09/06/2023
|Worldometer
|https://nationsgeo.com/population/europe/mt/
|-
|Martinique
|374,430
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/martinique-population/
|-
|Mayotte
|334,796
|09/06/2023
|Worldometer
|https://nationsgeo.com/population/africa/yt/
|-
|Netherlands
|17,244,317
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/netherlands-population/
|-
|Norway
|5,543,798
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/norway-population/
|-
|Poland
|37,727,112
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/poland-population/
|-
|Portugal
|10,110,612
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/portugal-population/
|-
|Reunion
|913,818
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/reunion-population/
|-
|Romania
|18,864,146
|09/06/2023
|Worldometer
|http://srv1.worldometers.info/world-population/romania-population/
|-
|Slovakia
|5,467,253
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/slovakia-population/
|-
|Slovenia
|2,079,771
|09/06/2023
|Worldometer
|http://srv1.worldometers.info/world-population/slovenia-population/
|-
|Spain
|46,807,044
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/spain-population/
|-
|Sweden
|10,281,472
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/sweden-population/
|-
|Switzerland
|8,839,152
|09/06/2023
|Worldometer
|http://srv1.worldometers.info/world-population/switzerland-population/
|-
|United Kingdom​​
|68,916,741
|09/06/2023
|Worldometer
|https://www.worldometers.info/world-population/uk-population/
|}
{| class="wikitable"
|+
!
!Freetrade
!Trading 212
!Hargreaves Lansdown
|-
|How many people are able to access the platform?
|68,916,741
|436,397,348
|68,916,741
|-
|What proportion of the global population is able to access the platform?<ref>Here, we have assumed that the global population is 8,037,772,395 people (source: https://www.worldometers.info/world-population/#:~:text=World%20Population%20Clock%3A%208%20Billion,(LIVE%2C%202023)%20%2D%20Worldometer<nowiki/>)</ref>
|0.86%
|5.43%
|0.86%
|}
 
 
{| class="wikitable"
|+
!Year
!1
!2
!3
!4
!5
!6
|-
!Year end date
!30/09/2016
!30/09/2017
!30/09/2018
!30/09/2019
!30/09/2020
!30/09/2021
|-
!
!Historic
!Historic
!Historic
!Historic
!Historic
!Historic
|-
! colspan="7" |Revenue breakdown
|-
|Transaction revenue (£'000)
|
|
|
|
|1,323
|9,048
|-
|Recurring revenue (£'000)
|
|
|
|
|338
|3,274
|-
|Transaction revenue as a proportion of total revenue (%)
|
|
|
|
|80
|74
|-
|Recurring revenue as a proportion of total revenue (%)
|
|
|
|
|20
|26
|-
! colspan="7" |Operating loss
|-
| colspan="7" |'''Operating loss is stated after charging:'''
|-
|Depreciation of plant, property and equipment
|
|
|
|
|84
|116
|-
|Depreciation of right-of-use assets
|
|
|
|
|0
|215
|-
|Amortisation of intangible assets
|
|
|
|
|592
|1,143
|-
|Share-based payments
|
|
|
|
|2,022
|818
|-
! colspan="7" |Auditor's remuneration
|-
|For the audit of Freetrade Limited and the consolidated financial statements
|
|
|
|
|65
|81
|-
|Audit related assurance services
|
|
|
|
|138
|96
|-
|Non-audited related services
|
|
|
|
|0
|30
|-
|Total
|
|
|
|
|203
|207
|-
! colspan="7" |Employee costs
|-
| colspan="7" |'''Staff costs (including Directors) comprise:'''
|-
|Wages and salaries
|
|
|
|
|3,983
|8,769
|-
|Social security costs
|
|
|
|
|455
|1,044
|-
|Pension costs
|
|
|
|
|188
|355
|-
|Share-based payments
|
|
|
|
|2,022
|818
|-
|Total
|
|
|
|
|6,648
|10,986
|-
| colspan="7" |'''The number of permanent employees (excluding Directors) was:'''
|-
|As at 30 September
|
|
|
|
|80
|201
|-
|Monthly average for the financial year
|
|
|
|
|61
|118
|-
! colspan="7" |Taxation
|-
|Current tax:
|
|
|
|
|
|
|-
|Current period
|
|
|
|
|
|
|-
|Adjustments in respect of prior periods
|
|
|
|
|
|
|-
|Total current tax
|
|
|
|
|
|
|-
|Deferred tax:
|
|
|
|
|
|
|-
|Origination and reversal of temporary differences
|
|
|
|
|
|
|-
|Adjustment in respect of prior periods
|
|
|
|
|
|
|-
|Total deferred tax
|
|
|
|
|
|
|-
|Total income tax expense
|
|
|
|
|
|
|-
|Profit before tax
|
|
|
|
|
|
|-
|Current corporation tax of 19%
|
|
|
|
|
|
|-
|Prior year adjustment
|
|
|
|
|
|
|-
|Share-based payments
|
|
|
|
|
|
|-
|Non-deductible expenses
|
|
|
|
|
|
|-
|Difference in overseas tax rates
|
|
|
|
|
|
|-
|Deferred tax not recognised
|
|
|
|
|
|
|-
|R&D tax credit
|
|
|
|
|
|
|-
|Other
|
|
|
|
|
|
|-
|Total income tax credit
|
|
|
|
|
|
|-
| colspan="7" |'''Investments:'''
|-
|Investment in Freetrade Europa AB
|
|
|
|
|0
|544
|-
| colspan="7" |'''Property, plant and equipment'''
|-
| colspan="7" |'''Cost:'''
|-
|Computer equipment
|
|
|
|
|203
|432
|-
|Office equipment
|
|
|
|
|38
|127
|-
|Right-of-use assets
|
|
|
|
|0
|5,499
|-
|Total
|
|
|
|
|241
|6,058
|-
| colspan="7" |'''Accumulate depreciation:'''
|-
|Computer equipment
|
|
|
|
|121
|226
|-
|Office equipment
|
|
|
|
|26
|37
|-
|Right-of-use assets
|
|
|
|
|0
|215
|-
|Total
|
|
|
|
|147
|478
|-
| colspan="7" |'''Net book value:'''
|-
|Computer equipment
|
|
|
|
|82
|206
|-
|Office equipment
|
|
|
|
|12
|90
|-
|Right-of-use assets
|
|
|
|
|0
|5,284
|-
|Total
|
|
|
|
|94
|5,580
|-
! colspan="7" |Intangible assets
|-
|Cost
|
|
|
|
|
|
|-
|Accumulated amortisation
|
|
|
|
|
|
|-
|Net book value
|
|
|
|
|
|
|-
| colspan="7" |'''Trade and other receivables'''
|-
|Trade receivables
|
|
|
|
|127
|397
|-
|Less: provision for impairment of trade receivables
|
|
|
|
|(87)
|(309)
|-
|Prepayment and accrued income
|
|
|
|
|409
|5,476
|-
|Amounts due from subsdiary undertakings.
|
|
|
|
|0
|300
|-
|Other receivables
|
|
|
|
|2,312
|3,017
|-
|Total
|
|
|
|
|2,761
|8,881
|-
|Current
|
|
|
|
|2,761
|8,150
|-
|Non-current
|
|
|
|
|0
|731
|-
| colspan="7" |'''Trade and other payables'''
|-
|Trade payables
|
|
|
|
|421
|1,880
|-
|Accruals
|
|
|
|
|965
|2,960
|-
|Deferred revenue
|
|
|
|
|0
|183
|-
|Other taxation and social security
|
|
|
|
|0
|99
|-
|Other payables
|
|
|
|
|75
|109
|-
|Total
|
|
|
|
|1,461
|5,231
|-
| colspan="7" |'''Key management personnel'''
|-
|Salary, benefits and bonus
|
|
|
|
|447
|377
|-
|Defined contribution pension cost
|
|
|
|
|24
|16
|-
|Share-based payments
|
|
|
|
|1,585
|411
|-
|Total
|
|
|
|
|2,056
|804
|-
| colspan="7" |'''Directors' emoluments for the year included in staff costs are as follows:'''
|-
|Salary, benefits and bonus
|
|
|
|
|297
|356
|-
|Defined contribution pension cost
|
|
|
|
|16
|16
|-
|Share-based payments
|
|
|
|
|960
|610
|-
|Total
|
|
|
|
|1,273
|982
|-
| colspan="7" |'''In respect of the highest paid Director'''
|-
|Salary, benefits and bonus
|
|
|
|
|130
|151
|-
|Defined contribution pension cost
|
|
|
|
|7
|7
|-
|Share-based payments
|
|
|
|
|756
|411
|-
|Total
|
|
|
|
|893
|569
|-
| colspan="7" |'''Other related parties'''
|-
|Blacher Limited
|
|
|
|
|19
|36
|-
! colspan="7" |Equity
|-
|A Ordinary
|
|
|
|
|23,055,383
|21,527,583
|-
|B Investment
|
|
|
|
|25,267,169
|27,021,193
|-
|Series A
|
|
|
|
|6,276,124
|6,276,124
|-
|Series B
|
|
|
|
|0
|9,281,111
|-
|Total
|
|
|
|
|54,598,676
|64,106,011
|}
|}


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