NAGA Group has released its financial results for the first half of 2022, until 30 June 2022. The neo brokerage registered €35 million in revenue, jumping 51% from the €23.2 generated in H1 2021.
The Germany-headquartered broke reported EBITDA of €2.7 million for the first six months of the year, up from the previous year’s negative €0.2 million. The company attributed the decrease in EBITDA to “increased marketing and advertising expenses,” as well as the “devaluation of crypto assets.”
In the first quarter of the 2022, the Group registered revenue of €18 million, reported by LeapRate earlier in the year. The revenue of the second quarter of the year amounts to €17 million.
The number of transactions for the period was down 4.2 million, which the company attributed to its withdrawal from the UK market, and trading volume came in at €69 billion, compared to 5.7 million transactions and trading volume of €132 billion, registered in the first half of last year.
Clients also fell to €24 million from €33.5 million in H1 2021. The number of active customers went down to 19,233 from 17,382.
Earlier this year, NAGA secured Estonian and Seychelles licenses and has confirmed it plans to re-enter the UK market.
NAGA stated:
Central to our growth objectives is the targeted re-entry into the UK market. By year-end 2021, we had exited the UK – NAGA’s best market to date and also the largest CFD market in the world – and had to reallocate budgets to other countries, resulting in various inefficiencies (including an increase in customer acquisition costs). We aim to re-enter the UK market and reactivate our existing customer base by Q2 2023. This will enable us to achieve immediate EBITDA effects at minimized costs.
