Financial and Business News

Admirals Sees 46K Client Exodus as Trading Activity Slumps in 2024

Monday, 03/03/2025 | 06:48 GMT by Damian Chmiel
  • Admirals Group experienced a significant decline in its client base, losing 52% of active clients in 2024.
  • The company also saw a 43% decrease in active trading accounts during the same period.
Alexander Tsikhilov, CEO of Admirals
Alexander Tsikhilov, CEO of Admirals

Admirals Group AS reported a net loss of 1.6 million euros for the fiscal year 2024, a significant improvement from the 9.7 million euro loss in 2023. However, the company faced headwinds as trading activity declined, with the number of active clients dropping by 52% to 43,332.

Admirals Group AS Reports Net Loss in 2024 Amid Declining Trading Activity

Net trading income for the year stood at 38.4 million euros, down 6% from 40.9 million in 2023. The total value of trades executed through Admirals' platforms decreased by 42% year-on-year to 510 billion euros.

Despite the challenging market conditions, Admirals Group AS managed to reduce its operating expenses by 16% to 42.4 million euros, primarily due to cuts in personnel, marketing , and outsourced services costs.

“In 2024 Commodity CFDs products accounted for 29% of total gross trading income, an increase of 4% year-on-year. Indices CFDs accounted for 45% of total gross trading income, an increase of 4% year-on-year,” the company reported. “Forex accounted for 25% of total gross trading income, a decrease of 8% year-on-year. Forex decreased mainly due to an increase in commodities and Indices CFDs.”

Higher EBITDA and Strong Balance Sheet

The company reported an EBITDA of 0.9 million euros, a marked improvement from the negative 6.5 million euros in 2023. The EBITDA margin turned positive at 2%, compared to -16% in the previous year.

Admirals Group AS maintained a strong balance sheet with 69.3 million euros in shareholders' equity. The company's assets totaled 79.8 million euros, with 76% consisting of balances due from credit institutions and investment companies.

In a strategic move, Admirals Group AS sold its wholly-owned subsidiary, Admirals AU PTY Ltd (Australia), to a non-related party in 2024. The company also divested its 62% shareholding in AMTS Solutions OÜ.

Clients Fleeing

One of the biggest issues highlighted in the report is a significant decline in the number of active clients and accounts, as well as new applications. The number of active traders shrank by more than 50% in 2024, dropping from nearly 90,000 in 2023 to 43,000 in 2024. Similarly, the number of active accounts decreased by 43% over the same period.

Meanwhile, the number of new account applications fell by 64%, from 267,000 to just under 96,000.

The company's client assets decreased by 8% year-on-year to 91.3 million euros. Admirals Group AS maintained a strong capital position, with a capital adequacy level of 259% as of December 31, 2024, well above regulatory requirements.

Admirals Group AS reported a net loss of 1.6 million euros for the fiscal year 2024, a significant improvement from the 9.7 million euro loss in 2023. However, the company faced headwinds as trading activity declined, with the number of active clients dropping by 52% to 43,332.

Admirals Group AS Reports Net Loss in 2024 Amid Declining Trading Activity

Net trading income for the year stood at 38.4 million euros, down 6% from 40.9 million in 2023. The total value of trades executed through Admirals' platforms decreased by 42% year-on-year to 510 billion euros.

Despite the challenging market conditions, Admirals Group AS managed to reduce its operating expenses by 16% to 42.4 million euros, primarily due to cuts in personnel, marketing , and outsourced services costs.

“In 2024 Commodity CFDs products accounted for 29% of total gross trading income, an increase of 4% year-on-year. Indices CFDs accounted for 45% of total gross trading income, an increase of 4% year-on-year,” the company reported. “Forex accounted for 25% of total gross trading income, a decrease of 8% year-on-year. Forex decreased mainly due to an increase in commodities and Indices CFDs.”

Higher EBITDA and Strong Balance Sheet

The company reported an EBITDA of 0.9 million euros, a marked improvement from the negative 6.5 million euros in 2023. The EBITDA margin turned positive at 2%, compared to -16% in the previous year.

Admirals Group AS maintained a strong balance sheet with 69.3 million euros in shareholders' equity. The company's assets totaled 79.8 million euros, with 76% consisting of balances due from credit institutions and investment companies.

In a strategic move, Admirals Group AS sold its wholly-owned subsidiary, Admirals AU PTY Ltd (Australia), to a non-related party in 2024. The company also divested its 62% shareholding in AMTS Solutions OÜ.

Clients Fleeing

One of the biggest issues highlighted in the report is a significant decline in the number of active clients and accounts, as well as new applications. The number of active traders shrank by more than 50% in 2024, dropping from nearly 90,000 in 2023 to 43,000 in 2024. Similarly, the number of active accounts decreased by 43% over the same period.

Meanwhile, the number of new account applications fell by 64%, from 267,000 to just under 96,000.

The company's client assets decreased by 8% year-on-year to 91.3 million euros. Admirals Group AS maintained a strong capital position, with a capital adequacy level of 259% as of December 31, 2024, well above regulatory requirements.

Topics
Admirals
About the Author: Damian Chmiel
Damian Chmiel
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Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.

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