Estonia-based Admiral Markets AS, operating with the tradename Admiral Markets, published its unaudited financials for 2020, showing significant jumps across all performance metrics.
2020 was impressive for the entire brokerage industry as the retail demand skyrocketed with the Covid-spurred market volatility. Admiral Markets was no exception to benefit from this as its yearly trading volumes increased by 68 percent to €998 billion.
The number of executed trades on the platform totaled 66.9 million, increasing by 110 percent from 2019’s total of 31.8 million.
The trading income of the brokerage platform doubled in the year, reaching €47.1 million from the previous year’s 23.2 million. EBITDA spiked to €21.6 million from €5.8 million with a margin of 46 percent.
The brokerage ended the impressive year with a net profit of €20.3 million, which is 340 percent higher than the number achieved in the previous year.
“Our impressive growth was accompanied by the launch of new regions which have brought us significantly closer to our long-term goals,” Sergei Bogatenkov, Chairman of the company, said in a statement.
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“We launched exceptional new services which bring our clients closer to financial freedom. We acquired a platform to offer Peer to Peer lending. As a result, the next generation is open to access capital from crowdfunding and friends. They are open to reducing the costs and unnecessary red tape from traditional banks.”
Rebranding to ‘Admirals’
The Estonian broker is now aiming high to onboard 10 million clients by the end of 2030.
“We have replaced our product-centric ethos with a client-oriented approach which enables us to be agile, transparent, and convenient for our clients,” Bogatenkov added.
Additionally, 2021 is going to be an interesting year for Admiral Markets as it is planning to rebrand its services to Admirals later this year, the proposal for which was floated last year.
Meanwhile, the broker is challenging a fine imposed on it by the Estonian regulator for lack of service transparency in April 2020 when oil prices went into negative territory.