Estonian broker Admirals has published its financial results for the first half of 2023, which show a significant decrease in trading income compared to last year.
Admirals' trading income for the period from January to June 2023 amounted to EUR 21.1 million, significantly lower than the EUR 43.0 million generated in the same period of 2022.
According to the report, the annualized net loss for the first six months of this year was recorded at €4.8 million. Meanwhile, the company reported a profit of €24.0 million in the first quarter of 2022.
The broker's trading volume for the first quarter of 2023 decreased by 4% in annualized terms to 448 billion euros, while the number of transactions increased by 6% to 30.3 million.
It is worth noting that the number of active clients increased by 96% to 65,636 clients compared to the first quarter of 2022, while the number of new applications increased by 222% to 143,414.
In addition, Admiral's operating expenses increased by 24% during the period, driven by higher payroll and depreciation and amortization expenses.
"The transformation from a CFD and Forex brokerage targeting sophisticated experts in the industry to an international financial services hub providing effortless solutions to beginners and retail clients through the Admirals platform has paved the way for our long-term success and progress. The community of people in our ecosystem is rapidly increasing," said Sergei Bogatenkov, CEO and Chairman of Admirals.
"Admirals have always emphasized the importance of a long-term strategy. Expanding into new geographies with existing licenses and a global brand presence is as remarkable as our commitment. We are driven by a passion for progress and innovation. Admirals' vision is to expand financial inclusion by providing easy, affordable, and secure access to financial products through the Admirals ecosystem," he added.
"I am very proud that we have unlocked significant possibilities for growth and expansion. Admirals has positioned itself in the rapidly developing FinTech community as a flexible and operative technology provider, as well as an education-driven strategic partner."
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