FRANKFURT (dpa-AFX) - The online broker Flatexdegiro is becoming somewhat more optimistic after a strong start to the year. The SDax-listed company announced on Thursday after the end of Xetra trading in Frankfurt that the increase in turnover and profit in 2024 is likely to be at the upper end of the forecast range. This was well received on the stock market. Meanwhile, a successor for outgoing CEO Frank Niehage has not yet been found.

The share price shot up to EUR 11.70 at the top of the SDax on Friday morning - a high since June 2022. At EUR 11.53, the share price was last up almost a fifth. A small gain is now on the cards again for 2024. However, the record high of almost EUR 30 reached during the coronavirus pandemic remains a long way off. At that time, Flatex benefited from a business boom. From mid-2021 onwards, the share price fell sharply again - to below 5.60 euros in December 2022.

According to the targets published at the beginning of the year, sales are to increase by 5 to 15 percent and profits by 25 to 50 percent. The company is now aiming for the upper end of these targets. For comparison: in 2023, turnover reached 390.7 million euros and net profit 71.9 million euros.

In the first quarter, revenue increased by a quarter to 123 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 177 percent to just under 54 million euros. On balance, Flatexdegiro earned 30 million euros, 340 percent more than a year ago. Turnover and operating result were better than expected by experts.

A reduction in marketing expenses by a third to 11.5 million euros also contributed to this. In addition, interest income shot up by almost two thirds to 43.8 million euros as a result of the rise in the European Central Bank's key interest rate.

With a view to the annual forecast, the consequences of possible key interest rate cuts in the further course of the year have already been taken into account, explained the company management in a telephone conference, which took place without Niehage. It also had to be taken into account that customer trading activity had declined in the wake of the rise in interest rates. This could have had the opposite effect.

The search for a new boss is currently underway. However, there is no concrete timetable. At the beginning of the week, it was announced that Group CEO Niehage would be stepping down on April 30 - around a month after major shareholder Bernd Fortsch publicly settled accounts with the manager's work.

Flatexdegiro justified his departure on Monday with "differing views on strategic development" and the well-being of the company. For the time being, two fellow board members will lead the company.

In the interview, Fortsch criticized the lack of innovation at Flatexdegiro, an understanding of the market and "products that are super attractive for customers". For example, Flatex's previously simple fee structures are now just as opaque as those of its competitors. The company overslept the boom in cryptocurrencies such as Bitcoin. Competitors Swissquote and Trade Republic are worth around four times as much on the stock exchange as Flatexdegiro./mis/zb/nas/jha/