The UK unit of Admirals, a contracts for differences (CFDs) broker brand, has migrated accounts held by clients resident in the European Union to another operating company located in the continental bloc.
No EU-Resident Clients under the UK Unit
The move came as the UK unit could no longer advertise its products and services following Britain’s exit from the European Union.
“Whilst EU-resident clients are able to be onboarded and serviced on a reverse solicitation basis as prescribed by the European Securities and Markets Authority, the Company may no longer market its services to clients in the EU,” the UK unit, Admiral Markets UK Limited, noted in its latest Companies House filing.
“It therefore commenced a programme of transferring existing EU clients to another group company in the EU so that marketing and trading activities could be targeted at non-EU resident clients in the future.”
The company, however, did not specify which European entity is receiving the clients. Notably, Admirals resumed onboarding new clients under its Cypriot entity earlier this year after a pause of about a year.
A Plunge into Losses
Meanwhile, the UK unit of Admirals ended 2024 with a turnover of £7.5 million, down from the previous year’s £8.4 million. Of the total revenue, it generated £6.3 million from the UK, £913K from the EMEA region, and the remainder from the “rest of the world.” The entity also plunged into losses again, posting a net loss of £502,633 at the year’s end, compared to a profit of £69,496 in 2023.
“The profit or loss of the company is dependent on the trading volumes of its clients,” the UK entity’s filing added. “Volumes of trading by clients were satisfactory but dropped following the migration of accounts held by clients resident in the EU to another operating company located in the EU.”
In contrast to the UK entity’s performance, the Estonia-based group narrowed its losses to €1.6 million in 2024 from €9.7 million in losses in the previous year, FinanceMagnates.com reported earlier. The group’s net trading income came in at €38.4 million.
Admirals also sold its Australian business to PU Prime earlier this year to “optimise its geographic focus.”
The UK unit of Admirals, a contracts for differences (CFDs) broker brand, has migrated accounts held by clients resident in the European Union to another operating company located in the continental bloc.
No EU-Resident Clients under the UK Unit
The move came as the UK unit could no longer advertise its products and services following Britain’s exit from the European Union.
“Whilst EU-resident clients are able to be onboarded and serviced on a reverse solicitation basis as prescribed by the European Securities and Markets Authority, the Company may no longer market its services to clients in the EU,” the UK unit, Admiral Markets UK Limited, noted in its latest Companies House filing.
“It therefore commenced a programme of transferring existing EU clients to another group company in the EU so that marketing and trading activities could be targeted at non-EU resident clients in the future.”
The company, however, did not specify which European entity is receiving the clients. Notably, Admirals resumed onboarding new clients under its Cypriot entity earlier this year after a pause of about a year.
A Plunge into Losses
Meanwhile, the UK unit of Admirals ended 2024 with a turnover of £7.5 million, down from the previous year’s £8.4 million. Of the total revenue, it generated £6.3 million from the UK, £913K from the EMEA region, and the remainder from the “rest of the world.” The entity also plunged into losses again, posting a net loss of £502,633 at the year’s end, compared to a profit of £69,496 in 2023.
“The profit or loss of the company is dependent on the trading volumes of its clients,” the UK entity’s filing added. “Volumes of trading by clients were satisfactory but dropped following the migration of accounts held by clients resident in the EU to another operating company located in the EU.”
In contrast to the UK entity’s performance, the Estonia-based group narrowed its losses to €1.6 million in 2024 from €9.7 million in losses in the previous year, FinanceMagnates.com reported earlier. The group’s net trading income came in at €38.4 million.
Admirals also sold its Australian business to PU Prime earlier this year to “optimise its geographic focus.”
This post is originally published on FINANCEMAGNATES.
