Admirals UK Registers Slight Revenue Decline of 2.2% YoY in 2022

Admiral Markets UK Limited, an FCA-regulated subsidiary of Estonia-based Admiral Markets Group AS, reported revenues of £6.04 million in the 2022 fiscal year that ended Dec. 31, a slight decline of 2.2% year-on-year (YoY).

According to the latest filing with Companies House, the UK segment's administrative expenses increased from £5.81 million to £6.14 million, resulting in an operating loss of £102,912. Taking into account interest payments, the UK segment's pre-tax loss was £267,147.

The UK entity's annual net loss deepened to £290,778 (£306,830 after deducting currency translation), compared to a loss of £22,261 in the prior year. By comparison, the Group earlier reported a net profit of €23.5 million for 2022, the highest in its operating history.

However, in the first half of 2023, the group's revenues plummeted by half to €21.1 million, resulting in a net loss of €4.8 million.

"As we look back on 2022, Admirals' business was in line with the group's expectations, and the results of the period were considered satisfactory, given the competition and regulation within the sector," Robert Shadforth, the Executive Director of Admirals UK and the Country Manager for the UK, said. "Our strategy of diversification and inclusion has proven to be a sensible choice."

The filing unveiled that the number of active accounts in the UK entity fell by 30% and deposits decreased by 25% last year as a result of Brexit.

"In 2022, we realized our most successful year in the 22-year company history, achieving unprecedented records in net trading revenue, net profit, and active customers. We're well on our way to realizing our 2030 vision of enabling financial freedom for 10 million people," Shadforth said on the overall performance of the group.

(Source: Finance Magnates)