Estonia based Retail FX brokerage group Admiral Markets continued to grow its presence in the UK in 2017, with its FCA regulated subsidiary Admiral Markets UK Ltd posting a healthy 58% rise in Revenues, from £3.5 million in 2016 to £5.5 million last year.
Admiral Markets UK acts a matched principal broker and does not hold any trading positions itself. All client trades are offset with Admiral Markets AS in Estonia. Migration of clients from Admiral Markets AS to the UK entity contributed to the company’s growth, as did use of online and offline marketing campaigns during the year. The company also opened eight local branches in central and eastern Europe during 2017.
Admiral Markets UK’s increased revenues contributed to a better bottom line, with Net Profit for 2017 coming in at £430,000, versus a small loss of £34,000 in 2016.
Admiral Markets UK also significantly grew Client Assets during the year, exiting 2017 with £18.7 million ($25.4 million) of client funds on deposit, up 41% from £13.3 million at the end of 2016.
Admiral Markets UK’s income statement for 2017 follows: