Admiral Markets has released its financial results for the first six months of 2023, highlighting mixed performance during this period. Despite an increase in the number of active customers, the company recorded a net loss of 3.9 million euros.
Admirals Markets has seen substantial growth in its customer base, with active customers and accounts increasing by 96% and 84% to 65,636 and 75,975, respectively. The number of new applications increased by 222%. Additionally, Admirals' cost-to-revenue ratio increased by 47%, reflecting the impact of lower revenue on overall profitability.
Sergei Bogatenkov, CEO and Chairman of the Board of Directors of Admirals Markets, said: “Our global team is open to the new possibilities that the industry embodies. Creating partnerships is crucial. Business-to-Business-to-Everything will be one of the key words defining the future of value propositions, as they embody the excellent potential of our business.
“We also believe that mergers and acquisitions provide significant opportunities for Admirals to accelerate its growth and expand its presence in the industry. »
In the first half of 2023, the contribution of Admirals' commodity CFD products saw a significant increase, representing 27% of total gross trading revenue. Conversely, the share of other products, such as stocks and ETFs, suffered losses.
Financial situation and outlook
Admiral Markets AS has 74.2 million euros in equity. The company's balance sheet includes approximately 45% cash. During the first six months of 2023, the company's marketing spending decreased by 55%. In addition, the value of its trade fell by 4% to 448 billion euros compared to the same period of 2022.
Currently, Admirals Group is undergoing a significant transition as Alexander Tsikhilov takes on the role of CEO, succeeding Sergei Bogatenkov, Finance Magnates reported.
As co-founder of the brokerage firm, Tsikhilov brings a wealth of experience to his role as CEO, having previously served as CEO and Chairman of the Supervisory Board. His return to the head of the executive signifies continuity and a deep understanding of the trajectory of the Admirals Group.
Admiral Markets has released its financial results for the first six months of 2023, highlighting mixed performance during this period. Despite an increase in the number of active customers, the company recorded a net loss of 3.9 million euros.
Admirals Markets has seen substantial growth in its customer base, with active customers and accounts increasing by 96% and 84% to 65,636 and 75,975, respectively. The number of new applications increased by 222%. Additionally, Admirals' cost-to-revenue ratio increased by 47%, reflecting the impact of lower revenue on overall profitability.
Sergei Bogatenkov, CEO and Chairman of the Board of Directors of Admirals Markets, said: “Our global team is open to the new possibilities that the industry embodies. Creating partnerships is crucial. Business-to-Business-to-Everything will be one of the key words defining the future of value propositions, as they embody the excellent potential of our business.
“We also believe that mergers and acquisitions provide significant opportunities for Admirals to accelerate its growth and expand its presence in the industry. »
In the first half of 2023, the contribution of Admirals' commodity CFD products saw a significant increase, representing 27% of total gross trading revenue. Conversely, the share of other products, such as stocks and ETFs, suffered losses.
Financial situation and outlook
Admiral Markets AS has 74.2 million euros in equity. The company's balance sheet includes approximately 45% cash. During the first six months of 2023, the company's marketing spending decreased by 55%. In addition, the value of its trade fell by 4% to 448 billion euros compared to the same period of 2022.
Currently, Admirals Group is undergoing a significant transition as Alexander Tsikhilov takes on the role of CEO, succeeding Sergei Bogatenkov, Finance Magnates reported.
As co-founder of the brokerage firm, Tsikhilov brings a wealth of experience to his role as CEO, having previously served as CEO and Chairman of the Supervisory Board. His return to the head of the executive signifies continuity and a deep understanding of the trajectory of the Admirals Group.