The company reports a 4% growth in trading revenue and achieves positive EBITDA.
In the first six months of 2024, Admirals Group AS demonstrated resilience by increasing its trading revenues and turning EBITDA positive, despite facing a low-volatility market environment. The Group’s net trading income climbed 4% to EUR 22.0 million, up from EUR 21.1 million during the same period in 2023.
Positive EBITDA Achieved
The Group successfully reduced its operating expenses by 9%, bringing the total down to EUR 22.9 million from EUR 25.2 million in the previous year. EBITDA reached EUR 0.4 million, marking a significant recovery from a loss of EUR 2.9 million in the first half of 2023. Admirals also improved its net loss, reducing it to EUR 1.2 million, a notable improvement from the EUR 4.8 million loss recorded in the prior year.
Earlier this year, Admirals introduced a new analytical research terminal for the MetaTrader 4 and MetaTrader 5 platforms, as highlighted by industry sources. This terminal leverages AI-powered analytics to provide traders with enhanced market insights, aiding them in making better-informed decisions. Key features of the terminal include a corporate calendar, an economic calendar, NewsIQ, and Dow Jones integration, creating a centralized resource for staying updated on market trends.
Regulatory Developments Underway
In April 2024, Admirals voluntarily paused the onboarding of new clients for Admirals Europe Ltd. This action was taken to comply with recommendations from the Cyprus Securities and Exchange Commission (CySEC) and currently impacts only its operations within EU countries.
Admirals is actively working to implement the necessary adjustments to meet regulatory requirements. The company is in close collaboration with CySEC to resume the onboarding process and reinforce its standing as a compliant market player within the EU.
In other news, the UK’s Financial Conduct Authority (FCA) has issued a warning regarding a fraudulent firm impersonating Admiral Markets UK Ltd. This clone, operating under the domain admrlmrkts.co, uses the legitimate firm’s details in an attempt to deceive individuals. The FCA has alerted potential investors to be cautious of this scam, which uses similar contact information to mislead victims.
