Admirals UK Witnesses 40% Growth in Turnover for 2023

Admiral Markets UK Limited (Admirals UK), the London-based branch of Admirals Group, an Estonia-based retail FX and CFDs broker, achieved overall growth in key financial indicators for the full year of 2023, with turnover surging by 40%, according to documents filed by the entity with the Companies House.

Specifically, turnover in 2023 was £8.4 million, up from £6.0 million in 2022. Gross profit increased by 43% from £5.8 million to £8.3 million.

The cost of sales for the year fell to £122,349 from £230,481 in 2022. However, administrative expenses increased from £6.1 million to £8.4 million.

The profit before tax for the year was £19,355, as against a loss of £267,145 in the previous year. The company realized a profit of £46,316 for the 2023 financial year as against a loss of £290,778 in 2022. Total comprehensive income for the year was £69,496 as against a loss of £306,830 in the previous year.

"During the course of 2023, the company continued to look for clients residing in the UK. Volumes of trading by clients rose, with increased turnover and a decrease in the cost of sales," noted the filing.

This comes after Admirals Group disclosed a large loss for 2023 despite a significant increase in active and new clients.

As reported earlier this month, the group has stopped onboarding new clients in the EU due to regulatory challenges. However, the trading and investment activities of existing clients are not affected by this “temporary and voluntary” suspension.

Admirals UK "therefore began a programme of transferring existing EU clients to another group company in the EU, so that marketing and trading activities could be targeted at non-EU resident clients in the future," added the filing.