Admirals Group AS unaudited 12 months financial results of 2023
Admirals witnesses a significant rise in active and new clients.
Number of new applications in the Group went up by 77% to 266,779 applications compared to 2022 and is up by 116% compared to 2021.
- The group net trading income was 40.9 million (2022: EUR 69.0 million, 2021: EUR 35.7 million and 2020: EUR 62.2 million)
- EBITDA was EUR -6.5 million (2022: EUR 27.4 million, 2021: EUR 2.6 million and 2020: EUR 23.4 million).
- Number of active accounts in the Group went up by 57% to 110,471 clients compared to 2022 and is up by 75% compared to 2021.
- Number of active clients in the Group went up by 62% to 89,764 clients compared to 2022 and is up by 83% compared to 2021.
„In 2023, the rising number of believers in our strong leadership, client-centricity, innovative products, and high-tech capabilities has led to a record growth in active customer numbers. This surge indicates a collective investment in financial freedom, and we are delighted to play a pivotal role in this journey,“ said the CEO of Admirals Group AS Sergei Bogatenkov.
According to him the company’s performance is inherently connected to ever shifting dynamics of market movements. „The year brought unexpected changes and while adapting to the circumstances, we took proactive measures to optimise every aspect of our operations. Looking forward, we are confident that the optimisations implemented in response to the challenges of 2023 will pave the way for a remarkable 2024. Our collective efforts and resilience position us well to navigate the evolving landscape, ensuring that our vision for 2030 remains not only intact but fortified,“ he noted.
Statement of Financial Position
| (in thousands of euros) | 12/31/2022 | |
| 12/31/2023 | ||
| Assets | ||
| Cash | 41.025 | 55.489 |
| Due from investment companies | 18.961 | 16.528 |
| Financial assets at fair value through profit or loss | 5.062 | 7.011 |
| Loans and receivables | 4.772 | 4.643 |
| Inventories | 311 | 48 |
| Other assets | 2.137 | 3.162 |
| Tangible fixed assets | 1.950 | 2.296 |
| Right-of-use assets | 2.603 | 3.160 |
| Intangible fixed assets | 5.147 | 5.841 |
| Total assets | 81.968 | 98.178 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 224 | 294 |
| Liabilities and prepayments | 4.319 | 6.982 |
| Subordinated debt securities | 4.102 | 4.570 |
| Lease liabilities | 2.894 | 3.435 |
| Total liabilities | 11.539 | 15.281 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -315 | -315 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | -834 | -669 |
| Retained earnings | 71.276 | 83.600 |
| Total equity attributable to owners of the parent | 70.402 | 82.891 |
| Non-controlling interest | 27 | 6 |
| Total equity | 70.429 | 82.897 |
| Total liabilities and equity | 81.968 | 98.178 |
| Statement of Comprehensive Income | ||
| (in thousands of euros) | ||
| 12M 2023 | 12M 2022 | |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 46.276 | 70.654 |
| Brokerage and commission fee revenue | 2.134 | 2.017 |
| Brokerage and commission fee expense | -5.118 | -3.472 |
| Other trading activity related income | 412 | 839 |
| Other trading activity related expense | -2.768 | -1.062 |
| Net income from trading | 40.936 | 68.976 |
| Other income similar to interest | 171 | 86 |
| Interest income calculated using the effective interest method | 900 | 201 |
| Interest expense | -496 | -444 |
| Other income | 741 | 2.358 |
| Other expenses | -185 | -778 |
| Net losses on exchange rate changes | -984 | -846 |
| Net loss at fair value through profit or loss | 61 | -490 |
| Personnel expenses | -15.231 | -12.969 |
| Operating expenses | -31.875 | -28.846 |
| Depreciation of tangible and intangible assets | -2.310 | -2.005 |
| Depreciation of right-of-use assets | -837 | -863 |
| Profit before income tax | -9.109 | 24.380 |
| Income tax | -616 | -99 |
| Profit for the reporting period | -9.725 | 24.281 |
| Other comprehensive income: | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Unrealized exchange rate differences | -165 | -692 |
| Total other comprehensive income/(loss) for the reporting period | -165 | -692 |
| Total comprehensive income for the reporting period | -9.890 | 23.589 |
| Net profit attributable to the owners of the parent | -9.746 | 24.291 |
| Net profit attributable to non-controlling interest | 21 | -10 |
| Profit for the reporting period | -9.725 | 24.281 |
| Total comprehensive income attributable to the owners of the parent | -9.911 | 23.599 |
| Total comprehensive income attributable non-controlling interest | 21 | -10 |
| Comprehensive income for the reporting period | -9.890 | 23.589 |
The reports of Admirals Group AS are available on the following website: https://www.admirals.group/reports-group
About Admirals:
Admirals is one of the world’s leading FinTech companies headquartered in Estonia. Admirals is a financial hub that makes personal finance transparent, convenient and accessible to everyone, everywhere, offering both beginners and experienced experts the opportunity to enter the global financial markets. Today, Admirals is one of the most international companies in Estonia, with physical offices in 18 countries around the world. Admirals is committed to building a strong global team in new regions of the world. Admirals’ long-term mission is to enable financial freedom for 10 million people by 2030.
Additional information:
Kaia Gil
Communication Manager of Admirals Group AS
ir@admiralmarkets.com
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