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Admiral Markets - Annual Financial Report

Admiral Markets AS Unaudited Financial Results 12 Months of 2024

Admiral Markets AS Unaudited Financial Results 12 Months of 2024

Despite lower client activity, Admirals Markets AS delivered resilient trading income and positive net profit through effective cost control measures.

  • Net trading income increased by 48% to EUR 13.5 million (2023: EUR 9.1 million) being supported by higher volatility on the financial markets.
  • Total operating expenses decreased by 26% to EUR 13.7 million (2023: EUR 18.5 million).
  • EBITDA was EUR 2.0 million (2023: EUR -6.9 million).
  • Net profit was EUR 1.3 million (2023: EUR -8.2 million).

Although the income was supported by higher volatility in financial markets, Admirals Group's cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group's business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group's product governance efforts with objectives and needs of it's European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

Statement of Financial Position

(in thousands of euros)31.12.202431.12.2023Assets  Due from credit institutions19,38110,175Due from investment companies13,3629,014Financial assets at fair value through profit or loss2,5166,353Loans and receivables29,23137,274Inventories665311Other assets650970Investment into subsidiaries4,1804,180Tangible fixed assets1,0411,494Right-of-use asset1,7572,221Intangible fixed assets2,8212,943Total assets75,60474,935   Liabilities  Financial liabilities at fair value through profit or loss333217Liabilities and prepayments744980Subordinated debt securities1,3471,353Lease liabilities2,0252,499Total liabilities4,4495,049   Equity  Share capital2,5862,586Statutory reserve capital259259Retained earnings68,31067,041Total equity71,15569,886Total liabilities and equity75,60474,935

Statement of Comprehensive Income

(in thousands of euros)20242023Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers37,43541,777Brokerage and commission fee revenue1,0621,668Brokerage and commission fee expense-25,451-34,656Other trading activity related income418339Net income from trading13,4649,128Other income similar to interest85172Interest income calculated using the effective interest method1,3661,044Interest expense-155-184Other income433877Other expense010Net gains on exchange rate changes198-214Net loss from financial assets at fair value through profit or loss-44461Personnel expenses-4,019-4,634Operating expenses-7,642-12,168Depreciation of tangible and intangible assets  -1,532-1,259Depreciation of right-of-use assets-485-484(Loss) / Profit before income tax1,269-7,651Income tax0-535Net (loss) / profit for the reporting period1,269-8,186Comprehensive income for the reporting period1,269-8,186Basic and diluted earnings per share3.14-20.26

Additional information:

Lauri Reinberg
Chief financial officer of Admirals Group AS
lauri.reinberg@admiralmarkets.com +372 6309 300
https://www.admirals.group/

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