Admirals Group AS 2024 Unaudited 6 Months Financial Results

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Admirals Group 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 Group's net trading income increased by 4% to EUR 22.0 million (6M 2023: EUR 21.1 million).
The Group’s operating expenses decreased by 9% to EUR 22.9 million (6M 2023: EUR 25.2 million).
EBITDA was EUR 0.4 million (6M 2023: EUR -2.9 million).
Net loss was EUR -1.2 million (6M 2023: EUR -4.8 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 Cash and cash equivalents45,93941,025Due from investment companies15,8218,961Financial assets at fair value through profit or loss3,5275,062Loans and receivables4,8214,772Inventories416311Other assets2,4442,137Tangible fixed assets1,7211,95Right-of-use assets2,3542,603Intangible assets4,245,147Total assets81,28281,968 Liabilities Financial liabilities at fair value through profit or loss444224Liabilities and accruals4,0534,318Deferred tax liability01Subordinated debt securities4,1054,102Lease liabilities2,792,894Total liabilities11,39211,539 Equity Share capital250250Own shares-274-315Statutory reserve capital2525Currency translation reserve-363-834Retained earnings70,20671,276Total equity attributable to owners of the parent69,84470,402Non-controlling interest4627Total equity69,8970,429Total liabilities and equity81,28281,968

(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 providers23,00322,906Brokerage and commission fee revenue785814Brokerage and commission fee expense-1,793-2,561Other trading activity related income290243Other trading activity related expense-324-342Net income from trading21,96121,060Other income similar to interest37118Interest income calculated using the effective interest method467287Interest expense-234-217Other income261236Other expenses-264-159Net losses on exchange rate changes-488-300Profit / (loss) from financial assets at fair value through profit or loss-145-78Personnel expenses-7,064-7,479Operating expenses-13,864-16,216Depreciation of tangible and intangible assets-1,406-1,150Depreciation of right-of-use assets-392-378(Loss) before income tax-1,131-4,276Income tax-21-546(Loss) for the reporting period-1,152-4,822Other comprehensive income: Items that subsequently may be reclassified to profit or loss: Currency translation adjustment47066Total other comprehensive loss for the reporting period47066Total comprehensive (loss) / income for the reporting period-682-4,756Net (loss) / profit attributable to the owners of the parent-1,170-4,859Net profit / (loss) attributable to non-controlling interest1925(Loss) / Profit for the reporting period-1,151-4,834Total comprehensive (loss) / income attributable to the owners of the parent-700-4,793Total comprehensive income / (loss) attributable non- controlling interest1925Total comprehensive (loss) / income for the reporting period-681-4,768Basic and diluted earnings per share-0.47-1.93

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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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