Admirals Group Cuts Operating Expenses by 9% and Improves Net Loss in H1

Friday, 30/08/2024 | 12:45 GMT by Tareq Sikder

The firm increased trading revenue by 4% and achieved positive EBITDA.

Last April, it suspended customer onboarding for its EU operations to comply with CySEC.

In the first half of 2024, Admirals Group AS reported increased trading revenues and positive EBITDA despite low market volatility. The Group’s net trading income rose by 4% to EUR 22.0 million, up from EUR 21.1 million in the same period of 2023.

EBITDA Turns Positive

Operating expenses for the Group decreased by 9%, totaling EUR 22.9 million compared to EUR 25.2 million in the previous year. EBITDA reached EUR 0.4 million, a turnaround from a loss of EUR 2.9 million in the first half of 2023. The Group’s net loss improved to EUR 1.2 million, compared to EUR 4.8 million in the previous year.

Earlier, Admirals launched an analytical research terminal for the MetaTrader 4 and MetaTrader 5 platforms, as reported by Finance Magnates. According to FinanceFeeds, this tool utilizes AI-driven analytics to deliver market insights, helping traders make informed decisions.

The terminal includes various features such as a corporate calendar, economic calendar, NewsIQ, and integration with Dow Jones. It consolidates news articles, data, and insights to provide a centralized platform for traders to stay informed about market developments.

Regulatory Changes in Progress

In April 2024, Admirals voluntarily suspended the onboarding of new customers for Admirals Europe Ltd. This decision is related to the company’s efforts to align with recommendations from the Cyprus Securities and Exchange Commission (CySEC) and affects only its operations in EU countries.

Admirals is working to implement the required changes to meet regulatory standards. The company is collaborating with CySEC to resume attracting new clients in the EU and to strengthen its market position as a compliant entity.

Meanwhile, the UK's Financial Conduct Authority (FCA) has warned about a fraudulent firm impersonating Admiral Markets UK Ltd. The cloned entity, operating under the name admrlmrkts.co, uses the legitimate firm's details to deceive individuals. The FCA notes that this clone scam involves using similar contact information to confuse potential investors.