Admirals
Group AS reported a net loss of 1.6 million euros for the fiscal year 2024, a
significant improvement from the 9.7 million euro loss in 2023. However, the
company faced headwinds as trading activity declined, with the number of active
clients dropping by 52% to 43,332.
Admirals Group AS Reports
Net Loss in 2024 Amid Declining Trading Activity
Net trading
income for the year stood at 38.4 million euros, down 6% from 40.9 million in
2023. The total value of trades executed through Admirals’ platforms decreased
by 42% year-on-year to 510 billion euros.
Despite
the challenging market conditions, Admirals Group AS managed to reduce its
operating expenses by 16% to 42.4 million euros, primarily due to cuts in
personnel, marketing , and outsourced services costs.
“In 2024
Commodity CFDs products accounted for 29% of total gross trading income, an
increase of 4% yearon-year. Indices CFDs accounted for 45% of total gross
trading income, an increase of 4% year-on-year,” the company reported. “Forex
accounted for 25% of total gross trading income, a decrease of 8% year-on-year.
Forex decreased mainly due to an increase in commodities and Indices CFDs.”
Higher EBITDA and Strong
Balance Sheet
The company
reported an EBITDA of 0.9 million euros, a marked improvement from the negative
6.5 million euros in 2023. The EBITDA margin turned positive at 2%, compared to
-16% in the previous year.
Admirals
Group AS maintained a strong balance sheet with 69.3 million euros in
shareholders’ equity. The company’s assets totaled 79.8 million euros, with 76%
consisting of balances due from credit institutions and investment companies.
In a
strategic move, Admirals Group AS sold its wholly-owned subsidiary, Admirals AU
PTY Ltd (Australia), to a non-related party in 2024. The company also divested
its 62% shareholding in AMTS Solutions OÜ.
Clients Fleeing
One of the
biggest issues highlighted in the report is a significant decline in the number
of active clients and accounts, as well as new applications. The number of
active traders shrank by more than 50% in 2024, dropping from nearly 90,000 in
2023 to 43,000 in 2024. Similarly, the number of active accounts decreased by
43% over the same period.
Meanwhile,
the number of new account applications fell by 64%, from 267,000 to just under
96,000.
The
company’s client assets decreased by 8% year-on-year to 91.3 million euros.
Admirals Group AS maintained a strong capital position, with a capital adequacy
level of 259% as of December 31, 2024, well above regulatory requirements.
Admirals
Group AS reported a net loss of 1.6 million euros for the fiscal year 2024, a
significant improvement from the 9.7 million euro loss in 2023. However, the
company faced headwinds as trading activity declined, with the number of active
clients dropping by 52% to 43,332.
Admirals Group AS Reports
Net Loss in 2024 Amid Declining Trading Activity
Net trading
income for the year stood at 38.4 million euros, down 6% from 40.9 million in
2023. The total value of trades executed through Admirals’ platforms decreased
by 42% year-on-year to 510 billion euros.
Despite
the challenging market conditions, Admirals Group AS managed to reduce its
operating expenses by 16% to 42.4 million euros, primarily due to cuts in
personnel, marketing , and outsourced services costs.
“In 2024
Commodity CFDs products accounted for 29% of total gross trading income, an
increase of 4% yearon-year. Indices CFDs accounted for 45% of total gross
trading income, an increase of 4% year-on-year,” the company reported. “Forex
accounted for 25% of total gross trading income, a decrease of 8% year-on-year.
Forex decreased mainly due to an increase in commodities and Indices CFDs.”
Higher EBITDA and Strong
Balance Sheet
The company
reported an EBITDA of 0.9 million euros, a marked improvement from the negative
6.5 million euros in 2023. The EBITDA margin turned positive at 2%, compared to
-16% in the previous year.
Admirals
Group AS maintained a strong balance sheet with 69.3 million euros in
shareholders’ equity. The company’s assets totaled 79.8 million euros, with 76%
consisting of balances due from credit institutions and investment companies.
In a
strategic move, Admirals Group AS sold its wholly-owned subsidiary, Admirals AU
PTY Ltd (Australia), to a non-related party in 2024. The company also divested
its 62% shareholding in AMTS Solutions OÜ.
Clients Fleeing
One of the
biggest issues highlighted in the report is a significant decline in the number
of active clients and accounts, as well as new applications. The number of
active traders shrank by more than 50% in 2024, dropping from nearly 90,000 in
2023 to 43,000 in 2024. Similarly, the number of active accounts decreased by
43% over the same period.
Meanwhile,
the number of new account applications fell by 64%, from 267,000 to just under
96,000.
The
company’s client assets decreased by 8% year-on-year to 91.3 million euros.
Admirals Group AS maintained a strong capital position, with a capital adequacy
level of 259% as of December 31, 2024, well above regulatory requirements.
This post is originally published on FINANCEMAGNATES.
