Admirals Group AS 2024 Unaudited 6 Months Financial Results
Despite the low volatility in the financial markets in the first half of 2024, Admirals Group AS delivered increased trading revenues and positive EBITDA through effective cost control measures.
- The Group's net trading income increased by 4% to EUR 22.0 million (6M 2023: EUR 21.1 million).
- The Group’s operating expenses decreased by 9% to EUR 22.9 million (6M 2023: EUR 25.2 million).
- EBITDA was EUR 0.4 million (6M 2023: EUR -2.9 million).
- Net loss was EUR -1.2 million (6M 2023: EUR -4.8 million).
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.
Admirals is actively working to implement the necessary changes to its processes and products to achieve full compliance with regulatory standards. By collaborating closely with CySEC, Admirals aims not only to resume attracting new clients in EU countries but also to strengthen its position in the market as a responsible and reliable partner.
| (in thousands of euros) | 30.06.2024 | 31.12.2023 |
| Assets | ||
| Cash and cash equivalents | 45,939 | 41,025 |
| Due from investment companies | 15,820 | 18,961 |
| Financial assets at fair value through profit or loss | 3,527 | 5,062 |
| Loans and receivables | 4,821 | 4,772 |
| Inventories | 416 | 311 |
| Other assets | 2,444 | 2,137 |
| Tangible fixed assets | 1,721 | 1,950 |
| Right-of-use assets | 2,354 | 2,603 |
| Intangible assets | 4,240 | 5,147 |
| Total assets | 81,282 | 81,968 |
| Liabilities | ||
| Financial liabilities at fair value through profit or loss | 444 | 224 |
| Liabilities and accruals | 4,053 | 4,318 |
| Deferred tax liability | 0 | 1 |
| Subordinated debt securities | 4,105 | 4,102 |
| Lease liabilities | 2,790 | 2,894 |
| Total liabilities | 11,392 | 11,539 |
| Equity | ||
| Share capital | 250 | 250 |
| Own shares | -274 | -315 |
| Statutory reserve capital | 25 | 25 |
| Currency translation reserve | -363 | -834 |
| Retained earnings | 70,206 | 71,276 |
| Total equity attributable to owners of the parent | 69,844 | 70,402 |
| Non-controlling interest | 46 | 27 |
| Total equity | 69,890 | 70,429 |
| Total liabilities and equity | 81,282 | 81,968 |
| (in thousands of euros) | 6 months 2024 | 6 months 2023 |
| Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers | 23,003 | 22,906 |
| Brokerage and commission fee revenue | 785 | 814 |
| Brokerage and commission fee expense | -1,793 | -2,561 |
| Other trading activity related income | 290 | 243 |
| Other trading activity related expense | -324 | -342 |
| Net income from trading | 21,961 | 21,060 |
| Other income similar to interest | 37 | 118 |
| Interest income calculated using the effective interest method | 467 | 287 |
| Interest expense | -234 | -217 |
| Other income | 261 | 236 |
| Other expenses | -264 | -159 |
| Net losses on exchange rate changes | -488 | -300 |
| Profit / (loss) from financial assets at fair value through profit or loss | -145 | -78 |
| Personnel expenses | -7,064 | -7,479 |
| Operating expenses | -13,864 | -16,216 |
| Depreciation of tangible and intangible assets | -1,406 | -1,150 |
| Depreciation of right-of-use assets | -392 | -378 |
| (Loss) before income tax | -1,131 | -4,276 |
| Income tax | -21 | -546 |
| (Loss) for the reporting period | -1,152 | -4,822 |
| Other comprehensive income: | ||
| Items that subsequently may be reclassified to profit or loss: | ||
| Currency translation adjustment | 470 | 66 |
| Total other comprehensive loss for the reporting period | 470 | 66 |
| Total comprehensive (loss) / income for the reporting period | -682 | -4,756 |
| Net (loss) / profit attributable to the owners of the parent | -1,170 | -4,859 |
| Net profit / (loss) attributable to non-controlling interest | 19 | 25 |
| (Loss) / Profit for the reporting period | -1,151 | -4,834 |
| Total comprehensive (loss) / income attributable to the owners of the parent | -700 | -4,793 |
| Total comprehensive income / (loss) attributable non- controlling interest | 19 | 25 |
| Total comprehensive (loss) / income for the reporting period | -681 | -4,768 |
| Basic and diluted earnings per share | -0.47 | -1.93 |
Additional information:
Lauri Reinberg
Chief financial officer of Admirals Group AS
lauri.reinberg@admiralmarkets.com
+372 6309 300
https://www.admirals.group/
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