Admiral Markets AS 2024 Unaudited 6 Months Financial Results

Admiral Markets AS 2024 Unaudited 6 Months Financial Results

Despite the low volatility in the financial markets in the first half of 2024, Admiral Markets AS delivered increased trading revenues and positive EBITDA through effective cost control measures.

• The Company's net trading income increased by 21% to EUR 6.9 million (6M 2023: EUR 5.7 million).

• The Company's operating expenses decreased by 29% to EUR 6.8 million (6M 2023: EUR 9.6 million).

• EBITDA was EUR 1.2 million (6M 2023: EUR -3.0 million).

• Net profit was EUR 0.9 million (6M 2023: EUR -3.9 million).

Admirals voluntarily decided in April 2024 to temporarily suspend the onboarding of new customers for Admirals Europe Ltd. This decision is related to Admirals Europe Ltd's efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only operations in EU countries.

Admirals is actively working to implement the necessary changes to its processes and products to achieve full compliance with regulatory standards. By collaborating closely with CySEC, Admirals aims not only to resume attracting new clients in EU countries but also to strengthen its position in the market as a responsible and reliable partner.

(in thousands of euros)	30.06.2024	31.12.2023
Assets
Due from credit institutions	17,174	10,175
Due from investment companies	11,604	9,014
Financial assets at fair value through profit or loss	4,745	6,353
Loans and receivables	35,54	37,274
Inventories	407	311
Other assets	674	970
Investment into subsidiaries	4,18	4,18
Tangible fixed assets	1,266	1,494
Right-of-use asset	1,978	2,221
Intangible fixed assets	2,444	2,943
Total assets	80,012	74,935
Liabilities
Financial liabilities at fair value through profit or loss	443	217
Liabilities and prepayments	5,22	980
Subordinated debt securities	1,354	1,353
Lease liabilities	2,254	2,499
Total liabilities	9,271	5,049
Equity
Share capital	2,586	2,586
Statutory reserve capital	259	259
Retained earnings	67,896	67,041
Total equity	70,741	69,886
Total liabilities and equity	80,012	74,935
(in thousands of euros)	6 months 2024	6 months 2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers	21,954	20,51
Brokerage and commission fee revenue	656	754
Brokerage and commission fee expense	-15,951	-15,794
Other trading activity related income	248	188
Net income from trading	6,907	5,658
Other income similar to interest	38	118
Interest income calculated using the effective interest method	633	511
Interest expense	-78	-103
Other income	212	227
Other expense	0	10
Net gains on exchange rate changes	121	-158
Net loss from financial assets at fair value through profit or loss	-145	-77
Personnel expenses	-2,158	-2,373
Operating expenses	-3,695	-6,316
Depreciation of tangible and intangible assets	-738	-636
Depreciation of right-of-use assets	-242	-242
(Loss) / Profit before income tax	855	-3,381
Income tax	0	-535
Net (loss) / profit for the reporting period	855	-3,916
Comprehensive income for the reporting period	855	-3,916
Basic and diluted earnings per share	2.12	-9.69

Additional information:

Lauri Reinberg
Chief financial officer of Admirals Group AS
[e-mail]
[phone]
https://www.admirals.group/