Admirals Sees Rise in Active Clients in 2023, But Slump in Revenues

Admirals Group AS, an Estonia-based Retail FX and CFDs broker, has released its unaudited financial results for the full year of 2023, disclosing a huge loss during the period despite a significant rise in active and new clients.

Annual revenues plummeted 41% from 2022 in 69.0 EUR million to 40.9 EUR million. The company incurred a total loss of 9.9 EUR million for the year, compared to a net profit of 23.6 EUR million in the previous year.

Net trading income came in at 9.1 EUR million, tumbling 79.5% from 44.3 EUR million in 2022. EBITDA was down from 25.9 million to -6.9 EUR million.

Active accounts on the platform, however, totaled 110,471, up 57% on yearly basis. The number of active clients surged 62% to 89,764.

"In 2023, the rising number of believers in our strong leadership, client-centricity, innovative products, and high-tech capabilities has led to a record growth in active customer numbers," stated the former CEO of Admirals, Sergei Bogatenkov, who left on February 29, alongside Andreas Ioannou​, Chief Operating Officer. Alexander Tsikhilov, Chairman of the Supervisory Board of Admirals, has taken over the CEO role.

"Looking forward, we are confident that the optimisations implemented in response to the challenges of 2023 will pave the way for a remarkable 2024. Our collective efforts and resilience position us well to navigate the evolving landscape, ensuring that our vision for 2030 remains not only intact but fortified," Sergei Bogatenkov added.