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Admiral Markets AS 2019 Unaudited 12 Months Financial Results and announcement of the intention to close the Polish branch of Admiral Markets AS

Written by Customer Service on . Posted in Public Companies.

Admiral Markets AS achieved a record number of new clients
For Admiral Markets AS, 2019 was another successful year. The company’s market share and customer base grew faster than market expectations, while active clients’ assets increased by 45% and the total number of registered clients grew by more than 20%. Despite low volatility in global markets, Admiral Markets AS managed to maintain its net trading income at the previous year’s level in 2019. In 2019, the company’s net trading income was EUR 23.2 million, compared to EUR 24.2 million in the previous year. The company’s net profit for 2019 was EUR 4.6 million, which is 51% less than a year earlier (2018: EUR 9.5 million). The profit margin of the company declined to 20% from 39% last year. The decline in profit margin was attributable to higher operating expenses as there was an increase in personnel, marketing and IT costs. The increase in IT-related costs includes large-scale investments aimed at developing the company’s product and trading platforms. The increase in marketing expenses resulted in a significant increase in active customers. The increase in personnel-related expenses was due to the recruitment of employees that would empower the company to be able to serve more clients.“The key words describing 2019 are new markets, a strong team and investments in innovation and IT solutions,” said Sergei Bogatenkov, CEO of Admiral Markets AS. “Large-scale technological developments have enabled us to provide our customers an even higher quality at participating in international financial markets and more personalized customer interaction,” added Sergei Bogatenkov. “We opened our business to regions in Africa, Asia and Canada, where we want to further expand our presence in the coming years. It is great recognition for the company and our employees that our performance is valued and noticed. For the first time, we reached the top ten of the Enterprise Estonia Enterprise Awards in the Exporter Award of the Year and won all industry-specific awards in Germany, proving that we continue to be quality leader in our field,” said Sergei Bogatenkov, CEO of Admiral Markets AS.According to Bogatenkov, Admiral Markets carried out a brainstorming session last year on how the company could implement greener technologies and solutions to reduce its environmental footprint. Also, Admiral Markets was one of the main driving forces behind the SOS Children’s Village social campaign #OlemeKoos.Also, Admiral Markets AS plans to stop activities of its Polish branch “Admiral Markets AS Oddział w Polsce” by May 31, 2020 at the latest and to close the branch in connection with shaping the strategy of Admiral Markets AS’s parent company Admiral Markets Group AS for the coming years. As the branch is not engaged in providing investment services and the branch has no clients, the closing of the branch will not have a significant impact on Admiral Markets AS’s business or financial results.Admiral Markets Cyprus Ltd, an investment firm belonging to the same consolidation group, is establishing several branches in the Member States of the European Union, including the Republic of Poland. As the continuation of the Admiral Markets AS branch in the same country has been deemed unnecessary and expedient, Admiral Markets AS has decided to continue serving its existing and potentially new customers on the basis of a cross-border license.Statement of Financial PositionStatement of Comprehensive IncomeThe reports of Admiral Markets AS are available on the following website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/.Under the international financial services trademark of Admiral Markets, customers are offered Forex and leveraged Contract for Difference (CFD) web-based trading service in the over-the-counter market as well as listed instruments. Since the foundation in 2001, Admiral Markets has continually expanded its reach, and today it services worldwide through regulated trading companies.Investment company Admiral Markets AS, established in Estonia, is a branch of Admiral Markets Group AS, which has the right to provide investment services under the operating license of the Estonian Financial Supervision Authority in the European Union and the European Economic Area countries. Admiral Markets Group AS is physically represented in 18 countries through its regulated trading companies with a customer portfolio covering over 130 countries.Additional information:Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com
+372 53 413 764AttachmentInterim report 2019

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