Admirals posts record Revenues (€43M) and Profits (€24M) in 1H 2022
Estonia based Retail FX and CFDs broker Admirals has released its results for the first half of 2022, marking a significant turnaround from a lackluster 2021 at the company.
Admirals Group AS, the ultimate parent company operating Admirals, posted Revenues of €43 million and Net Profits of €24 million in the first six months of 2022 – both records for a half-year period for the company. That followed a 2021 year which saw a 43% Revenue decline at Admirals. Indeed, Admirals brought in more revenue in the January-June 2022 period than it did in all of 2021 (€35.7 million).
The value of trades at Admirals increased 9% in 1H-2022 to €467 billion compared to the corresponding period in 2021 – which translates into monthly trading volumes of about $78 billion at Admirals in 1H 2022.
Interestingly, despite the increase in trading volumes, revenues and profits, the number of client trades went down by 2% to 28.7 million as compared to 1H-2021. Also the number of active clients decreased by 17% to 33,493, compared to 2021.
Admirals management stated that the Russia-Ukraine war changed “everything”, bringing big market movements, and Group clients (usually active traders which trade in both directions of the markets) traded a lot. Also during the first half of 2022 Admirals obtained licenses in Canada and South Africa and became more open to a global culture of ideas.
Index CFDs accounted for 51% of gross revenue at Admirals in 1H 2022, up from 38% in 2021.
Admirals Group AS CEO Sergei Bogatenkov said of the stellar results:
“Despite the great uncertainty in the world economy and political situation, we continued to implement our long-term goals, continuing to unite personal finance and investing for our client. Our first half-year results are exceptional, trading volumes are strong and stable.”
“At the same time, we continue to be a reliable and high-quality market leader for experienced participants in the sector. The number of people using the Admirals app continues to grow.”
“We are strategically increasing our presence in different regions of the world. Canada is the first step for the company’s positioning in North America, and Africa, as a fast and developing financial center, is an excellent opportunity to strongly expand our customer base.”
“Admirals has proven that it belongs to the top of the FinTech world. We are the quality leader in our sector and as a global financial center we offer our clients digital tools on their way to financial freedom.”
The full Admirals Group AS financial report for the first six months of 2022 can be seen here (pdf).