BrokersView
Search
Download
English
Sign In

Admiral Markets Sees Surge in Client Base but Still Suffers EUR 3.9M Loss in H1 2023

2024-03-01 BrokersView

Admiral Markets has published its financial report for the first half of 2023, with mixed results highlighted for the period. The company suffered a net loss of €3.9 million despite an increase in its active client number.

 

Admiral Markets' client base grew significantly, with active clients and accounts increasing by 96% and 84% to 65,636 and 75,975 respectively. The number of new applications surged by 222%. In addition, Admiral Markets' cost-to-income ratio increased by 47%, reflecting the impact of lower revenues on overall profitability.

 

Sergei Bogatenkov, Admiral Markets' CEO and Chairman of the Management Board, mentioned: "Our global team is open to new possibilities that the industry embodies. The creation of partnerships is crucial. Business-to-Business-to-Everything will be one of the keywords defining the future of value propositions, as it embodies the excellent potential for our business."

 

"We also believe mergers and acquisitions provide significant opportunities for Admirals to accelerate growth and extend our footprint in the industry."

 

In H1 2023, Admirals' commodity CFD products increased their contribution significantly, accounting for 27% of total gross trading revenue. In contrast, the share of other products, such as stocks and ETFs, posted losses.

 

The shareholders’ equity of Admiral Markets AS amounted to €74.2 million. Current assets account for approximately 45% of the company's balance sheet. In H1 2023, the company's marketing expenses were reduced by 55%. In addition, its trading volume declined to €448 billion from the same period in 2022, a 4% drop.

 

Admirals Group is currently undergoing a major transition, with Alexander Tsikhilov taking over the CEO role from Sergei Bogatenkov.

 

(Source: Finance Magnates)

Share

Loading...