The Estonia-based retail FX and CFDs broker, Admirals, has released its interim financial accounts for 2022. The company’s revenue for the second half of the year amounted to €26 million and it registered a net loss of €0.5 million. Admirals Group AS’s revenue for the last six months of 2022 dropped about 40% from the first half of 2022, which saw the broker’s results surge.
Admirals had a record year in 2022, ending with revenue of €69 million and a net profit of €24.1 million. However, this was largely due to the excellent first-half performance. The broker’s operations remained focused on European markets, with European clients contributing 87% of its total trading volume.
Admirals onboarded 16,113 new clients in 2022, which is a 16% decline from the previous year due to the pandemic’s effects. However, the number of active clients strengthened by 13% to 55,242. The average amount of trades executed by each client was 1,068, and the net trading income per client increased by 72% to €1,249. On the downside, client assets on the trading platform decreased 13% YoY to €86 million in 2022. Admirals highlighted that 7% of its clients are categorized as professionals and generate 25% of the gross trading revenue.
CEO of Admirals Group AS, Sergei Bogatenkov, said:
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, making sure that continuous R&D investments provide us with tools for further growth.
We keep pace with the endless integration of AI possibilities and the development of machine learning that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.