Correction: Admiral Markets AS 2024 Unaudited 6 Months Financial Results

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

Admiral Markets 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 Company’s net trading income increased by 21% to EUR 6.9 million (6M 2023: EUR 5.7 million).
  • The Company’s operating expenses decreased by 29% to EUR 6.8 million (6M 2023: EUR 9.6 million).
  • EBITDA was EUR 1.2 million (6M 2023: EUR -3.0 million).
  • Net profit was EUR 0.9 million (6M 2023: EUR -3.9 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    
Due from credit institutions 17,174 10,175
Due from investment companies 11,604 9,014
Financial assets at fair value through profit or loss 4,745 6,353
Loans and receivables 35,540 37,274
Inventories 407 311
Other assets 674 970
Investment into subsidiaries 4,180 4,180
Tangible fixed assets 1,266 1,494
Right-of-use asset 1,978 2,221
Intangible fixed assets 2,444 2,943
Total assets 80,012 74,935
     
Liabilities    
Financial liabilities at fair value through profit or loss 443 217
Liabilities and prepayments 5,220 980
Subordinated debt securities 1,354 1,353
Lease liabilities 2,254 2,499
Total liabilities 9,271 5,049
Equity    
Share capital 2,586 2,586
Statutory reserve capital 259 259
Retained earnings 67,896 67,041
Total equity 70,741 69,886
Total liabilities and equity 80,012 74,935
     
(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 21,954 20,510
Brokerage and commission fee revenue 656 754
Brokerage and commission fee expense -15,951 -15,794
Other trading activity related income 248 188
Net income from trading 6,907 5,658
Other income similar to interest 38 118
Interest income calculated using the effective interest method 633 511
Interest expense -78 -103
Other income 212 227
Other expense 0 10
Net gains on exchange rate changes 121 -158
Net loss from financial assets at fair value through profit or loss -145 -77
Personnel expenses -2,158 -2,373
Operating expenses -3,695 -6,316
Depreciation of tangible and intangible assets   -738 -636
Depreciation of right-of-use assets -242 -242
(Loss) / Profit before income tax 855 -3,381
Income tax 0 -535
Net (loss) / profit for the reporting period 855 -3,916
Comprehensive income for the reporting period 855 -3,916
Basic and diluted earnings per share 2.12 -9.69

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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