Broker NAGA has published preliminary financial results for the first half of 2023.
Revenue for the period was €19.5 million, and preliminary EBITDA was €2.3 million, reflecting improved performance at lower costs compared to the first half of 2022.
Despite the strong revenue and EBITDA figures, the broker's revenues continue to decline, according to the FNG portal.
In the first quarter of 2023, NAGA reported revenues of €11.6 million, but already in the second quarter, revenues fell to €7.9 million, down 32% from the previous quarter. This suggests a possible reason for the broker's decision to appoint Michael Milonas as CEO and Ben Bilski as CIO.
Nevertheless, NAGA believes it has made significant progress in the first half of the year. For example, the broker completed 4.9 million trades in the first half of the year, with a trading volume of €69 billion.
In addition, the number of active traders increased by 22% year-on-year during the period.
"We are thrilled with our performance and future growth prospects. Our focus on cost reduction and improved core KPIs has positioned us well for continued success in the global market," said Sam Chaney, NAGA's Chief Commercial Officer, commenting on the preliminary results.
It is worth noting that while the number of new clients depositing with NAGA for the first time decreased, the average deposit size of these clients doubled compared to 2022, indicating that we are attracting more solid depositors.
"We have reassessed our strategy and have now shifted our attention to global growth, new acquisitions, and expansion of our license base, which will make NAGA a strong brand and give us a solid footprint in new markets," added CFO of NAGA, Christos Charalambous.
Earlier, NAGA made changes to the company's management team.
