Estonian broker Admirals Group AS reported group net trading income of EUR 38.4 million for 2024, down from EUR 40.9 million in 2023, as reduced client activity offset gains from higher market volatility.
The company posted a net loss of EUR 1.6 million, a sharp improvement from the EUR 9.7 million loss recorded in 2023.
EBITDA stood at EUR 0.9 million, recovering from a EUR 6.5 million loss in the prior year, though far below the EUR 27.4 million reported in 2022. The EBITDA margin improved to 2%, compared to -16% in 2023. The cost-to-income ratio decreased to 110%, from 123% the previous year.
The UK arm of Admirals, known as Admiral Markets UK Limited, also reported its financial results for the latest fiscal year. The broker recorded a net profit of EUR 1.3 million for 2024, recovering from a loss of EUR 8.2 million in the previous year.
Net trading income rose by 48% to EUR 13.5 million, driven by market volatility, while total operating expenses fell by 26% to EUR 13.7 million. EBITDA turned positive at EUR 2.0 million, compared to a loss of EUR 6.9 million in 2023.
As of Dec. 31, 2024, Admiral Markets held EUR 75.6 million in total assets, with cash and equivalents due from credit institutions rising to EUR 19.4 million from EUR 10.2 million the previous year. Total liabilities stood at EUR 4.4 million, while equity increased to EUR 71.2 million from EUR 69.9 million.
Other highlights show that the number of active clients dropped by 52% year-on-year to 43,332, while active accounts declined by 43% to 63,249. Moreover, new applications fell 64% to 95,782, reflecting the impact of a voluntary suspension of new client registrations in Cyprus-based Admirals Europe Ltd., which serves as the group’s primary EU entity.
The suspension had been in place since April 2024 and was introduced to “comply with and adapt to the recommendations of the CySEC regulator.” However, Admirals has resumed onboarding new EU clients as of today.
Admirals Group AS boasts a physical presence in 18 countries through its subsidiaries, which serve clients in over 145 countries.
As part of its strategy to refine geographic focus, Admirals Group AS entered an agreement to sell its wholly owned Australian subsidiary, Admirals AU PTY Ltd., to a non-related party. The company also divested its 62% stake in AMTS Solutions OÜ.
