Estonia based Retail FX and CFDs broker Admirals Group AS has released its preliminary (unaudited) results for 2023, with the company continuing a downward trend in Revenues in the second half of the year.

After Admirals saw its Revenues collapse 51% in 1H-2023, the company reported another but more mild decrease of 6% in 2H-2023. Admirals’ second-half 2023 Revenues came in at €19.9 million versus €21.1 million in the first six months of the year. For the full year 2023 Admirals posted Revenues of €40.9 million, down by a whopping 41% from 2022’s €69.0 million.

Admirals’ net loss of €5.1 million in 2H-2023 was slightly higher than its 1H-2023 loss of €4.8 million, leading to a total loss of €9.9 million for the year, as compared to a net profit of €23.6 million in 2022.

Admirals just completed an overhaul of its senior management ranks, with longtime CEO Sergei Bogatenkov and the company’s Executive Director in Cyprus, Andreas Ioannou, both leaving the company. While company founder Alexander Tsikhilov has taken over the CEO role for the time being, we believe that more changes will be unveiled in the coming months at the company.

2H-2023 actually represented the third consecutive semi-annual period of both declining Revenues and Profits / growing Losses for Admirals, as shown in the above graph, since Admirals reported record results in the first half of 2022.

On the “plus” side of things, Admirals did note that it witnessed a significant rise in active and new clients. The number of active accounts in the Group went up by 57% y-o-y to 110,471 clients, and the number of active clients in the Group went up by 62% to 89,764 clients.