Admirals Group AS 2023 Unaudited 6 Months Financial Results
Admirals witnesses a significant rise in new applications
Despite the low volatility in the financial markets in the first half of 2023, Admirals Group AS delivered outstanding numbers in onboarding new clients and those of active.
- Net trading income was EUR 21.1 million (6M 2022: EUR 43 million and 6M 2021: EUR 17.3 million)
- EBITDA was EUR -2.9 million (6M 2022: EUR 26 million and 6M 2021: EUR -0.7 million)
- Number of new applications in Group went up by 222% to 143,414 applications compared to same period of 2022 (6M 2022: 44,508 and 6M 2021: 75, 759)
- Number of active clients in Group went up by 96% to 65,636 clients compared to same period of 2022 (6M 2022: 33,493 and 6M 2021: 40,235 active clients)
„Admirals has always emphasized the importance of a long-term strategy. The expansion in new regions, leveraging the existing licenses and global brand presence, is as remarkable as our commitment is clear. We are driven by the desire to pursue progress and innovation,“ said the CEO of Admirals Group AS, Sergei Bogatenkov.
„Admirals’ vision is to empower financial inclusion by providing easy-to-use, affordable, and secure access to financial products through the Admirals’ ecosystem.”
„I am proud that we have unlocked significant possibilities for growth and the expansion through diversification. Admirals has positioned itself in the rapidly developing FinTech community as a flexible and operative technology provider, as well as an education-driven strategic partner.”
Statement of Financial Position
| (in thousands of euros) | 30.06.2023 | 31.12.2022 |
| Assets | ||
| Cash | 20 | 12 |
| Due from credit institutions | 45,725 | 55,477 |
| Due from investment companies | 23,282 | 16,528 |
| Financial assets at fair value through profit or loss | 6,577 | 7,011 |
| Loans and receivables | 4,666 | 4,643 |
| Inventories | 170 | 48 |
| Other assets | 2,497 | 3,162 |
| Tangible fixed assets | 2,191 | 2,296 |
| Right-of-use assets | 2,888 | 3,160 |
| Intangible fixed assets | 5,539 | 5,841 |
| Total assets | 93,555 | 98,178 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 100 | 294 |
| Liabilities and prepayments | 10,633 | 6,982 |
| Subordinated debt securities | 4,098 | 4,570 |
| Lease liabilities | 3,173 | 3,435 |
| Total liabilities | 18,004 | 15,281 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -315 | -315 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | -603 | -669 |
| Retained earnings | 76,163 | 83,600 |
| Total equity attributable to owners of the parent | 75,520 | 82,891 |
| Non-controlling interest | 31 | 6 |
| Total equity | 75,551 | 82,897 |
| Total liabilities and equity | 93,555 | 98,178 |
| Statement of Comprehensive Income | ||
| (in thousands of euros) | ||
| 6M 2023 | 6M 2022 | |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 22,906 | 43,899 |
| Brokerage and commission fee revenue | 814 | 1,078 |
| Brokerage and commission fee expense | -2,561 | -1,728 |
| Other trading activity related income | 243 | 267 |
| Other trading activity related expense | -342 | -523 |
| Net income from trading | 21,060 | 42,993 |
| Other income similar to interest | 118 | 57 |
| Interest income calculated using the effective interest method | 287 | 98 |
| Interest expense | -217 | -220 |
| Other income | 236 | 1,239 |
| Other expenses | -159 | -73 |
| Net losses on exchange rate changes | -300 | 346 |
| Net loss at fair value through profit or loss | -78 | 0 |
| Personnel expenses | -7,479 | -6,603 |
| Operating expenses | -16,216 | -12,378 |
| Depreciation of tangible and intangible assets | -1,150 | -961 |
| Depreciation of right-of-use assets | -378 | -466 |
| Profit before income tax | -4,276 | 24,032 |
| Income tax | -546 | -19 |
| Profit for the reporting period | -4,822 | 24,013 |
| Other comprehensive income: | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Unrealized exchange rate differences | 66 | 233 |
| Total other comprehensive income/(loss) for the reporting period | 66 | 233 |
| Total comprehensive income for the reporting period | -4,756 | 24,246 |
| Net profit attributable to the owners of the parent | -4,859 | 24,023 |
| Net profit attributable to non-controlling interest | 25 | -10 |
| Profit for the reporting period | -4,834 | 24,013 |
| Total comprehensive income attributable to the owners of the parent | -4,793 | 24,256 |
| Total comprehensive income attributable non-controlling interest | 25 | -10 |
| Comprehensive income for the reporting period | -4,768 | 24,246 |
The reports of Admirals Group AS are available on the following website: https://admiralmarketsgroup.com/reports-group/
Admirals is a global FinTech and investment firm whose regulated subsidiaries offer smart solutions for multiple financial products. Since the foundation in 2001, Admirals has continuosly expanded its reach, and today it services worldwide through regulated trading companies.
Investment company Admiral Markets AS, established in Estonia, is a branch of Admirals 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. Admirals cares about the success of their partners, therefore offering numerous tried-and-tested marketing tools, state-of-the-art software, and quality assurance.
Today, Admirals is located in 18 offices worldwide, making it a truly global organization.
Additional information:
Kaia Gil
Communication manager of Admirals Group AS
kaia.gil@admiralmarkets.com
+372 53 413 764
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