Admirals Group Reports Revenue Decline Amid Cost-Cutting Measures in 2024

Estonia-based brokerage firm Admirals Group AS has released its unaudited financial results for 2024, revealing a challenging year marked by declining revenues and continued losses. The company reported a 6% year-on-year drop in net trading income, from €40.9 million in 2023 to €38.4 million in 2024. The second half of the year proved particularly difficult, with revenues plummeting 25% to €16.4 million, the lowest since the previous decade.

Despite the revenue decline, Admirals managed to reduce its net loss significantly, from €9.7 million in 2023 to €1.6 million in 2024. This improvement was attributed to aggressive cost-cutting measures, which saw operating expenses decrease by 16% to €42.4 million. Alexander Tsikhilov, who resumed the role of CEO in early 2024, described the year as one of significant change, including leadership reshuffles and strategic exits from certain markets. Notably, Admirals suspended new client onboarding in the EU and sold its Australian subsidiary, Admirals AU PTY Ltd.

The company's financial statements also highlighted a reduction in personnel expenses and other operational costs, which helped mitigate the impact of declining trading activity. However, the overall outlook remains cautious as Admirals navigates a challenging market environment.