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Admirals Group AS 2024 Unaudited 6 Months Financial Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

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)30.06.202431.12.2023
Assets  
Cash and cash equivalents45,93941,025
Due from investment companies15,8218,961
Financial assets at fair value through profit or loss3,5275,062
Loans and receivables4,8214,772
Inventories416311
Other assets2,4442,137
Tangible fixed assets1,7211,95
Right-of-use assets2,3542,603
Intangible assets4,245,147
Total assets81,28281,968
   
Liabilities  
Financial liabilities at fair value through profit or loss444224
Liabilities and accruals4,0534,318
Deferred tax liability01
Subordinated debt securities4,1054,102
Lease liabilities2,792,894
Total liabilities11,39211,539
   
Equity  
Share capital250250
Own shares-274-315
Statutory reserve capital2525
Currency translation reserve-363-834
Retained earnings70,20671,276
Total equity attributable to owners of the parent69,84470,402
Non-controlling interest4627
Total equity69,8970,429
Total liabilities and equity81,28281,968

(in thousands of euros)6 months 20246 months 2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers23,00322,906
Brokerage and commission fee revenue785814
Brokerage and commission fee expense-1,793-2,561
Other trading activity related income290243
Other trading activity related expense-324-342
Net income from trading21,96121,060
Other income similar to interest37118
Interest income calculated using the effective interest method467287
Interest expense-234-217
Other income261236
Other expenses-264-159
Net losses on exchange rate changes-488-300
Profit / (loss) from financial assets at fair value through profit or loss-145-78
Personnel expenses-7,064-7,479
Operating expenses-13,864-16,216
Depreciation of tangible and intangible assets-1,406-1,150
Depreciation of right-of-use assets-392-378
(Loss) before income tax-1,131-4,276
Income tax-21-546
(Loss) for the reporting period-1,152-4,822
Other comprehensive income:  
Items that subsequently may be reclassified to profit or loss:  
Currency translation adjustment47066
Total other comprehensive loss for the reporting period47066
Total comprehensive (loss) / income for the reporting period-682-4,756
Net (loss) / profit attributable to the owners of the parent-1,170-4,859
Net profit / (loss) attributable to non-controlling interest1925
(Loss) / Profit for the reporting period-1,151-4,834
Total comprehensive (loss) / income attributable to the owners of the parent-700-4,793
Total comprehensive income / (loss) attributable non- controlling interest1925
Total comprehensive (loss) / income for the reporting period-681-4,768
Basic and diluted earnings per share-0.47-1.93

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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