Admirals Sees Significant Drop in Net Trading Income for H1 2023

Admirals Group AS, an Estonia-based Retail FX and CFDs broker, has unveiled its financial results for the first half of 2023 (H1 2023), seeing a sharp drop in net trading income on a year-on-year basis.

Financial overview:

• Net trading income for the six month totaled EUR 21.1 million, 51% lower than EUR 43.0 million in H1 2022 and 19% lower than EUR 26.0 million in H2 2022.

• The company recorded a net loss of EUR 4.8 million during the period, compared to a net profit of EUR 24.0 million in H1 2022.

• Trading volume came in at EUR 448 billion, a decrease of 4% compared to EUR 467 billion in the same period of last year.

• Number of traders came in at 30.3 million, an increase of 6% compared to 28.7 million in H1 2022.

• Number of active clients in Group for the period increased by 96% from 33,493 clients in H1 2022 to 65,636 clients.

• Number of active accounts in Group for the period increased by 84% from 41,227 accounts in H1 2022 to 75,975 accounts.

• Number of new applications went up by 222% from 44,508 applications to 143,414 applications compared to same period of 2022.

• Operating expenses during the six months amounted to EUR 16.2 million, up 31% compared to EUR 12.4 million in H1 2022.

• EBITDA was EUR -2.9 million in H1 2023 while the metric recorded EUR 26 million in H1 2022.

Sergei Bogatenkov, CEO and Chairman of the Management Board at Admirals, commented: "Admirals has always emphasized the importance of a long-term strategy. The expansion in new regions, leveraging the existing licenses and global brand presence, is as remarkable as our commitment is clear. We are driven by the desire to pursue progress and innovation.

"Admirals' vision is to empower financial inclusion by providing easy-to-use, affordable, and secure access to financial products through the Admirals' ecosystem. I am proud that we have unlocked significant possibilities for growth and the expansion through diversification. Admirals has positioned itself in the rapidly developing FinTech community as a flexible and operative technology provider, as well as an education-driven strategic partner."