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Admiral Markets - Half Year financial report

Correction: Admiral Markets AS 2024 Unaudited 6 Months Financial Results

Admiral Markets AS 2024 Unaudited 6 Months Financial Results

Despite the low volatility in the financial markets in the first half of 2024, Admiral Markets AS delivered increased trading revenues and positive EBITDA through effective cost control measures.  

  • The Company's net trading income increased by 21% to EUR 6.9 million (6M 2023: EUR 5.7 million).
  • The Company’s operating expenses decreased by 29% to EUR 6.8 million (6M 2023: EUR 9.6 million).
  • EBITDA was EUR 1.2 million (6M 2023: EUR -3.0 million).
  • Net profit was EUR 0.9 million (6M 2023: EUR -3.9 million).

Admirals voluntarily decided in April 2024 to temporarily suspend the onboarding of new customers for Admirals Europe Ltd. This decision is related to Admirals Europe Ltd's efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only operations in EU countries.

Admirals is actively working to implement the necessary changes to its processes and products to achieve full compliance with regulatory standards. By collaborating closely with CySEC, Admirals aims not only to resume attracting new clients in EU countries but also to strengthen its position in the market as a responsible and reliable partner.

(in thousands of euros)30.06.202431.12.2023Assets Due from credit institutions17,17410,175Due from investment companies11,6049,014Financial assets at fair value through profit or loss4,7456,353Loans and receivables35,54037,274Inventories407311Other assets674970Investment into subsidiaries4,1804,180Tangible fixed assets1,2661,494Right-of-use asset1,9782,221Intangible fixed assets2,4442,943Total assets80,01274,935   Liabilities  Financial liabilities at fair value through profit or loss443217Liabilities and prepayments5,220980Subordinated debt securities1,3541,353Lease liabilities2,2542,499Total liabilities9,2715,049Equity  Share capital2,5862,586Statutory reserve capital259259Retained earnings67,89667,041Total equity70,74169,886Total liabilities and equity80,01274,935   (in thousands of euros)6 months 20246 months 2023Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers21,95420,510Brokerage and commission fee revenue656754Brokerage and commission fee expense-15,951-15,794Other trading activity related income248188Net income from trading6,9075,658Other income similar to interest38118Interest income calculated using the effective interest method633511Interest expense-78-103Other income212227Other expense010Net gains on exchange rate changes121-158Net loss from financial assets at fair value through profit or loss-145-77Personnel expenses-2,158-2,373Operating expenses-3,695-6,316Depreciation of tangible and intangible assets  -738-636Depreciation of right-of-use assets-242-242(Loss) / Profit before income tax855-3,381Income tax0-535Net (loss) / profit for the reporting period855-3,916Comprehensive income for the reporting period855-3,916Basic and diluted earnings per share2.12-9.69

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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