Admirals reports solid financials for 2022, but H2 disappoints

abdelaziz Fathi

FX brokerage firm Admirals (formerly Admiral Markets) has reported its interim financial results for the twelve months ending December 2022, which saw strong performance across key components of its business.

Admirals

Compared to a period of weak growth in 2021, Admirals had seen noticeable gains in its financial figures for 2022. Admirals disclosed a net operating revenue of €69 million compared to just €35.7 million for the entire 2021. However, the second-half metrics were much lower when compared to the first semester. More specifically, the company reported just €26 million in H2 revenues, compared to €43 million for the Jan-June period.

Also, Admiral Markets saw its operating expenses tick up in the 2022, after seeing a figure of €44.7 million – this was up 18 percent year-over-year from €37.8 million in 2021.

Meanwhile, the bottom line figure shows that Admirals’ EBITDA and net profit were €26.6 million and €23.5 million, respectively. In 2021, the company barely broke even with a net profit of €0.1 million in the 12 months through December 2021.

“One of the milestones in our success is our app, which is a unique, secure, and customer-friendly tool to navigate the vast world of finance in 10 different languages. Our newly launched in-house native trading and investing platform will define future success. Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure,” said the CEO of Admirals Group AS Sergei Bogatenkov.

Admiral Markets said 2022 has been “an excellent kick-off” for the results they expect to achieve in the next few years. This was reflected in onboarding more clients. Specifically, the company reported the number of new clients at 151,116, up 22 percent from 123,714 in 2021. Additionally, the number of active went up by 11% to 70,346 accounts compared to 63,231 in the same period of the previous year.

Admirals has made a significant strategic expansion in Canada and South- Africa while maintaining business costs at levels comparable with previous years.

Admirals SA (PTY) Ltd, an operating subsidiary of Admirals, has received regulatory approval to offer CFDs trading to investors in South Africa. The new entity is headquartered in Cape Town. Acting as an execution dealer, Admirals SA (PTY) Ltd will provide both CFDs and stock trading, but it plans to launch additional products in the future under its this South-African license. However, the broker is not allowed to provide investment advice or recommendations regarding CFDs transactions.

Admirals is also licensed by the UK ‎Financial ‎Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). The regulatory approvals allow the brokerage firm to offer a set of financial services and ‎also approved to ‎provide cross-border services across the EU / EEA under ‎European passport rights.‎

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