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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) 30.06.2024 31.12.2023
Assets    
Cash and cash equivalents 45,939 41,025
Due from investment companies 15,82 18,961
Financial assets at fair value through profit or loss 3,527 5,062
Loans and receivables 4,821 4,772
Inventories 416 311
Other assets 2,444 2,137
Tangible fixed assets 1,721 1,95
Right-of-use assets 2,354 2,603
Intangible assets 4,24 5,147
Total assets 81,282 81,968
     
Liabilities    
Financial liabilities at fair value through profit or loss 444 224
Liabilities and accruals 4,053 4,318
Deferred tax liability 0 1
Subordinated debt securities 4,105 4,102
Lease liabilities 2,79 2,894
Total liabilities 11,392 11,539
     
Equity    
Share capital 250 250
Own shares -274 -315
Statutory reserve capital 25 25
Currency translation reserve -363 -834
Retained earnings 70,206 71,276
Total equity attributable to owners of the parent 69,844 70,402
Non-controlling interest 46 27
Total equity 69,89 70,429
Total liabilities and equity 81,282 81,968

(in thousands of euros) 6 months 2024 6 months 2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 23,003 22,906
Brokerage and commission fee revenue 785 814
Brokerage and commission fee expense -1,793 -2,561
Other trading activity related income 290 243
Other trading activity related expense -324 -342
Net income from trading 21,961 21,060
Other income similar to interest 37 118
Interest income calculated using the effective interest method 467 287
Interest expense -234 -217
Other income 261 236
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 adjustment 470 66
Total other comprehensive loss for the reporting period 470 66
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 interest 19 25
(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 interest 19 25
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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