Admirals Reports Increased Revenues and Reduced Loss in H1 2024

Estonia-based retail Forex and CFDs broker Admirals Group AS has published its financial results for the first half of 2024 (H1 2024), reporting a net trading income of EUR 22.0 million, which is 4% more compared to H1 2023’s EUR 21.1 million.

During the first six months of 2024, Commodity CFDs products accounted for 32% of total gross trading income, Indices CFDs accounted for 47% of total gross trading income, and Forex CFDs accounted for 18% of total gross trading income. 

The Group’s net loss was reduced to EUR 1.2 million from EUR 4.8 million in H1 2023, as its operating expenses lowered by 9% to €22.9 million from H1 2023’s  EUR 25.2 million.

The number of active clients in the Group decreased by 44% to 36,556 compared to the same period in 2023 (56,636). The number of active accounts decreased by 41% to 45,156 compared to the first months of 2023 (75,975). 

As of 30 June 2024, the assets of the Group totaled EUR 81.3 million, declining by 1% from EUR 82.0 as of 31 December 2023.

Admirals voluntarily decided in April 2024 to temporarily suspend the onboarding of new customers for Admirals Europe Ltd. This decision is related to Admirals Europe Ltd's efforts to comply with and adapt to the recommendations of the CySEC regulator and affects only operations in EU countries.