Following a record setting first six months of the year in terms of both Revenues and Profits, Estonia based Retail FX and CFDs broker Admirals had a much more subdued second half of the year, posting a severe decline in Revenues and a (slight) six-month net loss.

Overall, Admirals Group AS, the ultimate parent company operating the Admirals brand, posted Revenues of €26.0 million and a Net Loss of €0.5 million for the six month period ended December 31, 2022. Revenues were down 40% from the first half of the year’s €43 million at Admirals, and the Net Loss compares to a Net Profit of €24 million in the first six months of 2022.

For the full year 2022, Admirals posted Revenues of €69.0 million and Net Profit of €23.5 million. We would note that on a full-year basis Admirals’ results were much-improved over 2021 – but again, the “improvement” came during the first half of the year in January-to-June 2022.

In terms of other operating metrics, Admirals reported that the number of active clients in the group went up by 13% to 55,242 clients comparing to 2021, and up by 14% compared to same period 2020 (2021: 49,080, 2020: 48,341 active clients). The number of active accounts in the group went up by 11% to 70,346 accounts compared to same period of 2021, and up by 12% compared to same period 2020 (2021: 63,231 and 2020: 62,854). The number of new applications in the group went up by 22% to 151,116 applications compared to the same period of 2021, and up by 61% compared to same period 2020 (2021: 123,714 and 2020: 93,703 new applications).

2022 was also a year of management turnover at Admirals. We reported exclusively in January that Admirals’ former CSO Roman Krutyanskiy had joined MultiBank after leaving Admirals late last year. Back in August FNG also exclusively reported that Admirals Management Board member Jens Chrzanowski had resigned, and joined rival broker XTB.

Admirals is a very Euro-centric broker, reporting that 87% of trading revenue originated with EU based clients in 2022 – with that figure actually up from 85% in 2021. The UK accounts for 3% of Revenue, Australia 1%, and Rest-of-World 9%.

At the end of 2022, the Admirals group had 294 employees, down slightly from 300 employees in 2021.

The Admirals group is controlled by the company’s Chairman, Estonian businessman Alexander Tsikhilov.

In the company’s press release announcing the results, Admirals Group AS CEO Sergei Bogatenkov said:

“As a global FinTech community, Admirals has always stood for the values that connect people and cultures all around the world. Financial freedom is one of the next great objectives of humankind and we believe that it should be within reach for everybody and everywhere. Our aim is to be a trustful financial partner on that journey.”

“Our vision is to be the global pioneer in financial inclusion that lets people access effortless, affordable, and secure financial products and services through an ecosystem that meets their needs. This vision does not only speak about the future but describes today’s simultaneous development and execution of a strong strategy as a global financial hub. We are fast, flexible, and courageous, which is what our record results last year speak for.”

“One of the milestones in our success is our app, which is a unique, secure, and customer-friendly tool to navigate the vast world of finance in 10 different languages. Our newly launched in-house native trading and investing platform will define future success. Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure, making sure that continuous R&D investments provide us with tools for further growth. We keep pace with the endless integration of AI possibilities and the development of machine learning that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards.”

“We must think about the environment, actions and influence we can create as a global leader. We have always emphasised the importance of sharing our success with organizations and initiatives who need our support. In a constantly changing world, we are staying committed to empowering the FinTech community.”

The full Admirals Group AS interim financial report for 2022 can be seen here (pdf).