Four weeks before the end of the year, the online broker FlatexDegiro again lowered its sales and earnings targets for 2022. The SDax company also announced a restructuring of the board of directors and risk management because the financial supervisory authority Bafin had identified deficiencies in business practices and corporate management during a special audit. CFO Muhamad Chahrour hands over his post to group manager Benon Janos and is promoted to deputy CEO Frank Niehage. Due to new capital requirements, FlatexDegiro will retain the annual surplus. Instead of group revenues of 400 to 440 million euros, the board now only expects sales of around 380 million euros, as the company announced. According to the information, the operating profit is likely to fall significantly short of the previous target: instead of the previously forecast return on sales (adjusted Ebitda margin) at the previous year’s level of 42 percent, around 37 percent are expected. FlatexDegiro had already lowered its forecasts in June. Niehage spoke of a difficult year.
Online broker – Bafin finds deficiencies – economy
