Admiral Markets AS Unaudited Financial Results 12 Months of 2024

Despite lower client activity, Admirals Markets AS delivered resilient trading income and positive net profit through effective cost control measures. 

  • Net trading income increased by 48% to EUR 13.5 million (2023: EUR 9.1 million) being supported by higher volatility on the financial markets.
  • Total operating expenses decreased by 26% to EUR 13.7 million (2023: EUR 18.5 million).
  • EBITDA was EUR 2.0 million (2023: EUR -6.9 million).
  • Net profit was EUR 1.3 million (2023: EUR -8.2 million).
Although the income was supported by higher volatility in financial markets, Admirals Group's cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group's business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group's product governance efforts with objectives and needs of it's European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.

Statement of Financial Position

(in thousands of euros)31.12.202431.12.2023
Assets  
Due from credit institutions19,38110,175
Due from investment companies13,3629,014
Financial assets at fair value through profit or loss2,5166,353
Loans and receivables29,23137,274
Inventories665311
Other assets650970
Investment into subsidiaries4,1804,180
Tangible fixed assets1,0411,494
Right-of-use asset1,7572,221
Intangible fixed assets2,8212,943
Total assets75,60474,935
   
Liabilities  
Financial liabilities at fair value through profit or loss333217
Liabilities and prepayments744980
Subordinated debt securities1,3471,353
Lease liabilities2,0252,499
Total liabilities4,4495,049
   
Equity  
Share capital2,5862,586
Statutory reserve capital259259
Retained earnings68,31067,041
Total equity71,15569,886
Total liabilities and equity75,60474,935
Statement of Comprehensive Income

(in thousands of euros)20242023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers37,43541,777
Brokerage and commission fee revenue1,0621,668
Brokerage and commission fee expense-25,451-34,656
Other trading activity related income418339
Net income from trading13,4649,128
Other income similar to interest85172
Interest income calculated using the effective interest method1,3661,044
Interest expense-155-184
Other income433877
Other expense010
Net gains on exchange rate changes198-214
Net loss from financial assets at fair value through profit or loss-44461
Personnel expenses-4,019-4,634
Operating expenses-7,642-12,168
Depreciation of tangible and intangible assets  -1,532-1,259
Depreciation of right-of-use assets-485-484
(Loss) / Profit before income tax1,269-7,651
Income tax0-535
Net (loss) / profit for the reporting period1,269-8,186
Comprehensive income for the reporting period1,269-8,186
Basic and diluted earnings per share3.14-20.26
Additional information: 

Lauri Reinberg 

Chief financial officer of Admirals Group AS

lauri.reinberg@admiralmarkets.com 

+372 6309 300

https://www.admirals.group/

Attachment