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Admiral Markets AS audited annual report 2024

Written by Customer Service on . Posted in Public Companies.

Admiral Markets AS audited annual report 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 1.1 million (2023: EUR -6.9 million).
  • Net profit was EUR 0.4 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. Following the successful completion of these measures, the onboarding of new clients in the EU was resumed in March 2025.

Statement of Financial Position

(in thousands of euros) 31.12.2024 31.12.2023
Assets    
Due from credit institutions 19,381 10,175
Due from investment companies 13,362 9,014
Financial assets at fair value through profit or loss 1,602 6,353
Loans and receivables 29,231 37,274
Inventories 665 311
Other assets 650 970
Investment into subsidiaries 4,180 4,180
Tangible fixed assets 1,041 1,494
Right-of-use asset 1,757 2,221
Intangible fixed assets 2,821 2,943
Total assets 74,690 74,935
     
Liabilities    
Financial liabilities at fair value through profit or loss 333 217
Liabilities and prepayments 744 980
Subordinated debt securities 1,347 1,353
Lease liabilities 2,025 2,499
Total liabilities 4,449 5,049
     
Equity    
Share capital 2,586 2,586
Statutory reserve capital 259 259
Retained earnings 67,396 67,041
Total equity 70,241 69,886
Total liabilities and equity 74,690 74,935

Statement of Comprehensive Income

(in thousands of euros) 2024 2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 37,435 41,777
Brokerage and commission fee revenue 1,062 1,668
Brokerage and commission fee expense -25,451 -34,656
Other trading activity related income 418 339
Net income from trading 13,464 9,128
Other income similar to interest 85 172
Interest income calculated using the effective interest method 1,366 1,044
Interest expense -155 -184
Other income 433 877
Other expense 0 10
Net gains on exchange rate changes 198 -214
Net loss from financial assets at fair value through profit or loss -1,358 61
Personnel expenses -4,019 -4,634
Operating expenses -7,642 -12,168
Depreciation of tangible and intangible assets   -1,532 -1,259
Depreciation of right-of-use assets -485 -484
(Loss) / Profit before income tax 355 -7,651
Income tax 0 -535
Net (loss) / profit for the reporting period 355 -8,186
Comprehensive income for the reporting period 355 -8,186
Basic and diluted earnings per share 0.88 -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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