Admiral Markets UK has just published its full year results for 2016. The company is a wholly owned subsidiary of Estonian company Admiral Markets AS. The foreign exchange and CFDs brokerage posted a sharp spike higher in revenues when compared to the previous year.
For the full year that ended on December 31st 2016, Admiral Markets UK reports turnover increased to £3.5 million from about £1.5 million in 2015. The unit posted a small operating loss of £27,301.
The firm ramped up spending and hiring to switch into higher gears throughout the previous year. As of the end of 2016 the company increased its administrative expenses to £3 million from £1.2 million in 2015. The cost of sales increased to just over £515,000 from about £186,000 the year before.
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Admiral Markets UK hired 40 new employees throughout the year, bringing the total count to 50 from 10 as of the end of 2015. The firm hired two new executives and 38 people to its administration and marketing teams. As a consequence the firm’s staffing costs increased to £1.35 million from £300,000 at the end of 2015.
Clients of Admiral Markets UK held just over £13 million with the brokerage as of the end of 2016.
The changes are set to increase the company’s turnover in 2017, as the UK subsidiary of Admiral Markets ramps up its subsidiary’s operations. The FCA-regulated entity’s commitment to expand its staff is the result of the competitive environment.
Finance Magnates has reached out to the company for a comment on the its metrics and will update this article as the brokerage responds.