MIL-OSI: Admiral Markets AS unaudited 12 months financial results of 2023

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Source: GlobeNewswire (MIL-OSI)

Admirals witnesses a significant rise in active and new clients.

Number of new applications in the Group went up by 77% to 266,779 applications compared to 2022 and is up by 116% compared to 2021. 

  • Admiral Markets AS’ net trading income was 9.1 EUR million (2022: EUR 44.3 million, 2021: EUR 20.5 million and 2020: EUR 47.1 million);
  • EBITDA was -6.9 EUR million (2022: EUR 25.9 million, 2021: EUR 2.5 million and 2020: EUR 21.6 million);
  • Number of active accounts in the Group went up by 57% to 110,471 clients compared to 2022 and is up by 75% compared to 2021;
  • Number of active clients in the Group went up by 62% to 89,764 clients compared to 2022 and is up by 83% compared to 2021.

„In 2023, the rising number of believers in our strong leadership, client-centricity, innovative products, and high-tech capabilities has led to a record growth in active customer numbers. This surge indicates a collective investment in financial freedom, and we are delighted to play a pivotal role in this journey,“ said the CEO of Admiral Markets AS Sergei Bogatenkov. 

According to him the company’s performance is inherently connected to ever shifting dynamics of market movements. „The year brought unexpected changes and while adapting to the circumstances, we took proactive measures to optimise every aspect of our operations. Looking forward, we are confident that the optimisations implemented in response to the challenges of 2023 will pave the way for a remarkable 2024. Our collective efforts and resilience position us well to navigate the evolving landscape, ensuring that our vision for 2030 remains not only intact but fortified,“ he noted. 

Statement of Financial Position    
(in thousands of euros) 12/31/2023 12/31/2022
Assets    
Due from credit institutions 10.175 20.111
Due from investment companies 9.014 13.266
Financial assets at fair value through profit or loss 6.353 7.933
Loans and receivables 37.274 34.634
Inventories 311 48
Other assets 970 2.230
Investments into subsidiaries 4.180 4.180
Tangible fixed assets 1.494 1.850
Right-of-use asset 2.221 2.684
Intangible fixed assets 2.943 3.095
Total assets 74.935 90.031
     
Liabilities    
Financial liabilities at fair value through profit or loss 217 214
Liabilities and prepayments 980 4.350
Subordinated debt securities 1.353 1.827
Lease liabilities 2.499 2.949
Total liabilities 5.049 9.340
     
Equity    
Share capital 2.586 2.586
Statutory reserve capital 259 259
Retained earnings 67.041 77.846
Total equity 69.886 80.691
Total liabilities and equity 74.935 90.031
     
Statement of Comprehensive Income    
(in thousands of euros) 2023 2022
     
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 41.777 70.462
Brokerage fee income 1.668 1.880
Brokerage and commission fee expense -34.656 -28.832
Other trading activity related income 339 753
Net income from trading 9.128 44.263
Other income 877 528
Other expense 10 -10
Interest income calculated using the effective interest method 1.044 698
Other income similar to interest 172 137
Interest expense -184 -210
Net gains on exchange rate changes -214 1.130
Net gains at fair value through profit or loss 61 -363
Personnel expenses -4.634 -4.828
Operating expenses -12.168 -14.826
Depreciation of tangible and intangible assets -1.259 -1.202
Depreciation of right-of-use assets -484 -483
Profit before income tax -7.651 24.834
Income tax -535 0
Profit for the reporting period -8.186 24.834
Comprehensive income for the reporting period -8.186 24.834

The reports of Admiral Markets AS are available on the following website: https://www.admirals.group/admiral-markets-as-reports

About Admirals: 

Admirals is one of the world’s leading FinTech companies headquartered in Estonia. Admirals is a financial hub that makes personal finance transparent, convenient and accessible to everyone, everywhere, offering both beginners and experienced experts the opportunity to enter the global financial markets. Today, Admirals is one of the most international companies in Estonia, with physical offices in 18 countries around the world. Admirals is committed to building a strong global team in new regions of the world. Admirals’ long-term mission is to enable financial freedom for 10 million people by 2030. 

Additional information:
Kaia Gil 
Communication manager of Admiral Markets AS
ir@admiralmarkets.com
https://www.admirals.group/

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