Admirals Ends 2022 with Record Revenue despite Poor H2
- The broker ended the year's second half with a net loss of €0.5 million.
- It added 16,113 new clients in 2022.
Admirals, an Estonia-based retail FX and CFDs broker, published its interim financial accounts for 2022 as it closed the second half of the year with a revenue of €26 million and a net loss of €0.5 million.
A Record Year for Admirals
Revenue of Admirals Group AS for the six months ending on 31 December 2022 came in more robust than the €18 million it generated in the second half of the previous year. However, the latest figure dropped about 40 percent from the first half of 2021 when the results of the broker skyrocketed to a record.
Considering the yearly numbers, the broker ended 2022 with a revenue of €69 million and a net profit of €23.5 million, making it a record year in the company's operational history. However, the figures were pushed higher by the company's excellent first-half performance.
Additionally, the yearly profit margin of the broker strengthened to 34 percent.
"Financial freedom is one of the next great objectives of humankind, and we believe that it should be within reach for everybody and everywhere. Our aim is to be a trustful financial partner on that journey," said the CEO of Admirals Group AS, Sergei Bogatenkov.
However, the operations of the broker remained focused on the European markets. Eighty-seven percent of its total trading volume in 2022 came from European clients, while accounts from the United Kingdom and Australia generated 3 percent and 1 percent of the revenue, respectively. The European share even increased from its previous best of 85 percent in 2021.
Strong Client Metrics
The latest interim report of the broker detailed that it onboarded 16,113 new clients in 2022, which is a 16 percent decline in a year. The number is much worse than the 28,475 new clients the broker onboarded in 2020 due to the effects of the pandemic. However, the quantity of active clients in 2022 strengthened by 13 percent to 55,242. The average amount of trades executed by each client came in at 1,068, as the net trading income per client increased by 72 percent to €1,249.
On the downside, the client assets on the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term decreased 13 percent year-over-year to €86 million in 2022. Admirals further highlighted that 7 percent of its clients are categorized as professionals and generate 25 percent of the gross trading revenue.
"Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure, making sure that continuous R&D investments provide us with tools for further growth," Bogatenkov added.
"We keep pace with the endless integration of AI possibilities and the development of machine learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards."
An Eventful Year
Furthermore, Admirals strengthened its global presence by gaining regulatory approval in Canada and two African nations, South Africa and Kenya, last year. It now aims for a Seychelles license.
While the company has strengthened its leadership with promotions and hiring, it has also suffered the separation of some of the long-term executives. Jens Chrzanowski and Roman Krutyanskiy, along with Olga Lustsik, left the brokers last year. Meanwhile, Admirals appointed Juan Enrique Cadiñanos Moriano as Spain's CEO and Sami Hamed as the CEO of its Jordan branch.
Admirals, an Estonia-based retail FX and CFDs broker, published its interim financial accounts for 2022 as it closed the second half of the year with a revenue of €26 million and a net loss of €0.5 million.
A Record Year for Admirals
Revenue of Admirals Group AS for the six months ending on 31 December 2022 came in more robust than the €18 million it generated in the second half of the previous year. However, the latest figure dropped about 40 percent from the first half of 2021 when the results of the broker skyrocketed to a record.
Considering the yearly numbers, the broker ended 2022 with a revenue of €69 million and a net profit of €23.5 million, making it a record year in the company's operational history. However, the figures were pushed higher by the company's excellent first-half performance.
Additionally, the yearly profit margin of the broker strengthened to 34 percent.
"Financial freedom is one of the next great objectives of humankind, and we believe that it should be within reach for everybody and everywhere. Our aim is to be a trustful financial partner on that journey," said the CEO of Admirals Group AS, Sergei Bogatenkov.
However, the operations of the broker remained focused on the European markets. Eighty-seven percent of its total trading volume in 2022 came from European clients, while accounts from the United Kingdom and Australia generated 3 percent and 1 percent of the revenue, respectively. The European share even increased from its previous best of 85 percent in 2021.
Strong Client Metrics
The latest interim report of the broker detailed that it onboarded 16,113 new clients in 2022, which is a 16 percent decline in a year. The number is much worse than the 28,475 new clients the broker onboarded in 2020 due to the effects of the pandemic. However, the quantity of active clients in 2022 strengthened by 13 percent to 55,242. The average amount of trades executed by each client came in at 1,068, as the net trading income per client increased by 72 percent to €1,249.
On the downside, the client assets on the trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term decreased 13 percent year-over-year to €86 million in 2022. Admirals further highlighted that 7 percent of its clients are categorized as professionals and generate 25 percent of the gross trading revenue.
"Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure, making sure that continuous R&D investments provide us with tools for further growth," Bogatenkov added.
"We keep pace with the endless integration of AI possibilities and the development of machine learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards."
An Eventful Year
Furthermore, Admirals strengthened its global presence by gaining regulatory approval in Canada and two African nations, South Africa and Kenya, last year. It now aims for a Seychelles license.
While the company has strengthened its leadership with promotions and hiring, it has also suffered the separation of some of the long-term executives. Jens Chrzanowski and Roman Krutyanskiy, along with Olga Lustsik, left the brokers last year. Meanwhile, Admirals appointed Juan Enrique Cadiñanos Moriano as Spain's CEO and Sami Hamed as the CEO of its Jordan branch.