LeapRate Exclusive… LeapRate has learned that Estonia based Retail FX brokerage firm Admiral Markets Group AS has posted a nice 17% rise in Revenues for 2017, with the company bringing in €27.0 million (USD $31.6 million), versus €23.0 million in 2016.
Most of the growth came in the second half of the year, with 2H-2018 Revenues coming in at €14.2 million, up from €12.8 million in the first half.
However the growth in activity didn’t translate to the bottom line. Admiral Markets Group net profit of €6.5 million was the same as 2016, as the growth was driven by an increase in expenses. The company also opened eight local branches in central and eastern Europe during 2017, although earlier this year Admiral Markets closed its branch Admiral Markets AS Tallinn Sucursala Bucureşti, established in the Republic of Romania.
We had already reported that the company’s FCA regulated subsidiary, Admiral Markets UK Ltd, posted a healthy 58% rise in Revenues in 2017, up to £5.5 million, accounting for the majority of the parent company’s growth.
Admiral Markets Group reported 25,798 active accounts in 2017, up from 24,486 in 2016.
Admiral Markets is controlled by Estonian businessman Alexander Tsikhilov. The company is run by co-CEOs Sergei Bogatenkov and Jens Chrzanowski.
Sergei Bogatenkov, CEO of Admiral Markets Group AS, commented to LeapRate:
Admiral Markets has taken on many new projects in 2017. In the end of 2017 Admiral Markets AS announced the public offering, listing and admission to trading of the subordinated bonds. Over 7,000 new trading instruments have been introduced on the Admiral.Markets and Admiral.Invest accounts in Admiral Markets AS and Admiral Markets UK Ltd, in order to diversify our business and provide our clients with various investment opportunities. As part of the expansion strategy, Admiral Markets UK Ltd, an investment company belonging to the same consolidation group, has established several branches within the European Union.