Online broker Flatex Degiro posts more sales and profits

Online broker Flatex Degiro posts more sales and profits

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The adjusted Ebitda margin of the online broker should be at the previous year’s level.

(Photo: Reuters)

Frankfurt The online broker Flatex Degiro increased its sales and earnings in the third quarter. The company announced on Tuesday that sales revenues from July to September had improved by 4.3 percent year-on-year to EUR 91.9 million.

The turnover per transaction increased by 6.5 percent to 5.15 euros. The operating result (Ebitda) reached 37.6 million euros, an increase of 25.1 percent. More than 376,000 new customer accounts were added in the first nine months, resulting in a total customer base of 2.4 million. However, the number of transactions processed via the Flatexdegiro platforms fell to 53.4 (previous year: 71.2) million in the first nine months.

Nevertheless, CEO Frank Niehage was optimistic about the rest of the year. “Combined with the tailwind from sharply increasing interest income and the commercial measures we have taken, we are very confident of achieving another improvement in revenue per transaction in the fourth quarter of 2022, which should accelerate even further next year.” Revenue should be in 2022 reach at least 400 million euros, the adjusted Ebitda margin is at the previous year’s level.

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