Retail brokerage group Capital.com announced results for the first half of 2024 on Tuesday.
The group said that revenue rose 35% in the period compared to H1 2023. The company did not publish hard numbers but a spokesperson for the company told TradeInformer that revenue was a ‘triple-digit million’ figure.
Over the same period, the company also saw a substantial increase in new account registrations, which were up 63% year on year. A Capital spokesperson told TradeInformer that the real figures were in the millions.
“We are delighted to report a strong performance for the first half of 2024, marked by a 63% increase in new user accounts and a 35% rise in net revenue,” said Capital’s Group Chief Financial Officer Ariel Segev.
“These results underscore our strategic investments in talent, IT, and second-line systems, which are driving our global growth. Our commitment to innovation and excellence has solidified Capital.com’s position as a leading tech platform in our key markets. As we continue to expand our global footprint and enhance our services, we remain dedicated to delivering exceptional value to our clients and stakeholders.”
Notional trading volume at the broker also rose over the period, totalling $725bn – up from $683bn in the second half of 2023. Total client trades stood at c.50m. Again, this was up on H2 of 2023, where the equivalent figure was 46m.
Also striking in the published figures was the growth in headcount. Like pretty much every broker in the industry, Capital had cut back on its headcount after rate hikes started and we entered a period of lower volatility.
However, the broker said that its number of employees rose from 621 to 728 from the second half of 2023 to the close of H1 of this year. The broker also noted that investment has been made in its UK and EU technology and engineering departments.