Admiral Markets has reported its financial results
for the first six months of 2023, highlighting mixed performance during this
period. Despite an increase in the number of active clients, the company posted
a net loss of EUR 3.9 million.
Admirals Markets experienced substantial growth in its client
base, with active clients and accounts increasing 96% and 84% to 65,636 and 75,975, respectively. The number of new applications skyrocketed by 222%. Besides that, Admirals’ cost-to-income ratio
rose 47%, reflecting the impact of reduced revenue on overall
profitability.
Sergei Bogatenkov, Admirals Markets’ CEO and Chairman of the
Management Board, mentioned: “Our global team is open to new possibilities
that the industry embodies. The creation of partnerships is crucial.
Business-to-Business-to-Everything will be one of the keywords defining the
future of value propositions, as it embodies the excellent potential for our
business.”
“We also believe mergers and acquisitions
provide significant opportunities for Admirals to accelerate growth and extend
our footprint in the industry.”
Source: Admirals Markets
In the first half of 2023, Admirals’ commodity CFD
products experienced a significant increase in contribution, accounting for 27%
of total gross trading income. Conversely, the share of other products, such as
stocks and ETFs, incurred losses.
Financial Position and Outlook
Admiral Markets AS has EUR 74.2 million in
shareholders’ equity. The firm’s balance sheet comprises around 45% of liquid
assets. During the first six months of 2023, the company’s marketing expenses decreased 55%. Additionally, its value of trade dropped 4% to EUR 448 billion compared to the same period of 2022.
Currently, Admirals Group is undergoing a significant
transition as Alexander Tsikhilov assumes the role of CEO, succeeding Sergei
Bogatenkov, Finance Magnates reported.
As one of the brokerage’s Co-Founders, Tsikhilov
brings a wealth of experience to his role as CEO, having previously served as
CEO and Chairman of the Supervisory Board. His return to the executive helm
signifies continuity and a deep understanding of Admirals Group’s trajectory.
Admiral Markets has reported its financial results
for the first six months of 2023, highlighting mixed performance during this
period. Despite an increase in the number of active clients, the company posted
a net loss of EUR 3.9 million.
Admirals Markets experienced substantial growth in its client
base, with active clients and accounts increasing 96% and 84% to 65,636 and 75,975, respectively. The number of new applications skyrocketed by 222%. Besides that, Admirals’ cost-to-income ratio
rose 47%, reflecting the impact of reduced revenue on overall
profitability.
Sergei Bogatenkov, Admirals Markets’ CEO and Chairman of the
Management Board, mentioned: “Our global team is open to new possibilities
that the industry embodies. The creation of partnerships is crucial.
Business-to-Business-to-Everything will be one of the keywords defining the
future of value propositions, as it embodies the excellent potential for our
business.”
“We also believe mergers and acquisitions
provide significant opportunities for Admirals to accelerate growth and extend
our footprint in the industry.”
Source: Admirals Markets
In the first half of 2023, Admirals’ commodity CFD
products experienced a significant increase in contribution, accounting for 27%
of total gross trading income. Conversely, the share of other products, such as
stocks and ETFs, incurred losses.
Financial Position and Outlook
Admiral Markets AS has EUR 74.2 million in
shareholders’ equity. The firm’s balance sheet comprises around 45% of liquid
assets. During the first six months of 2023, the company’s marketing expenses decreased 55%. Additionally, its value of trade dropped 4% to EUR 448 billion compared to the same period of 2022.
Currently, Admirals Group is undergoing a significant
transition as Alexander Tsikhilov assumes the role of CEO, succeeding Sergei
Bogatenkov, Finance Magnates reported.
As one of the brokerage’s Co-Founders, Tsikhilov
brings a wealth of experience to his role as CEO, having previously served as
CEO and Chairman of the Supervisory Board. His return to the executive helm
signifies continuity and a deep understanding of Admirals Group’s trajectory.