Admiral Markets UK Limited, the British subsidiary of Admiral Markets Group AS, has published its financial report for the year ended December 31, 2018, revealing an uptick in profit.
Admiral Markets UK is a provider of foreign exchange (forex) and contracts-for-difference (CFD) trading. The solid financial results revealed today build on the previous financial year, which also reported strong increases in profit and revenue.
During 2018, the broker recorded a turnover of £7.16 million. This is higher than the turnover of £5.5 million reported in the 2017 financial year by 29.9 percent. Turnover for the firm represents net commission income from broking in forex, precious metals, indices, and equity CFDs, the report states.
Although turnover increased, so did the cost of sales, climbing by 21.8 percent from £634,549 in 2017 to £773,012 in 2018. Despite this, gross profit for 2018 still grew by 30.9 percent to reach £6.4 million.
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For the 2018 financial year, operating profit was £724,081. When measured against the previous year, which had an operating profit of £565,140, 2018’s figure has risen by 28.1 percent.
After taking away tax, the total profit for the 2018 financial year was £567,300. Again, this is higher than that recorded in the previous year by around 32 percent, as 2017 noted a profit of £429,878.
Admiral Markets UK Results Mirror Admiral Markets AS
The solid financial results from Admiral Markets UK, are in line with the financial performance achieved by Admiral Markets AS, the Estonian subsidiary of the Group. As Finance Magnates reported, the company disclosed a net operating revenue of $27.5 million, which was up 25 percent year-over-year from $21.9 million in 2017.
The Estonian company also achieved a $27.5 million revenue during 2018, which was driven by higher trading volumes, the introduction of new products and improved marketing efforts, Admiral Markets AS said.