Estonia-based broker, Armada Markets, announced today financial results for the first half of the year, reportedly showing the company has continued to grow in all financial metrics it tracks. Despite the record low Volatility during the first 6 months of 2014, Armada Markets reported a solid net profit of €0.87 million for the H1 2014 period. This follows a reported net profit of €1.37 million for the fiscal year 2013.
Following the recent pick up of volatility in FX, the broker also reported today a record monthly trading volume for September of $20.5 billion, which is a growth of almost 100% YoY compared to September, 2013. The company also says it expects to reach a monthly trading volume of $25-$35 billion within the next 6-9 months. Armada Markets says the financial figures are audited but its volume growth claims are a bit more than you expect and is not independently verified as far as the information that was given today.
Armada Markets additionally claims that during 2014 the company has continued to grow rapidly in terms of the client numbers, average monthly trading volumes and active markets in which it participates, but did not provide any figures. This announcement follows the recent first-ever net loss of rival Estonian broker, Admiral Markets Group, but the firm tries to shift the focus from its home market by saying the majority of Armada Markets’ revenues are derived from the Asia-Pacific region.
The Mattus Brothers, CFO Illimar (left) and CEO Ingmar (right)
Ingmar Mattus, CEO of Armada Markets said: “I am delighted to see such a consistent growth for Armada Markets in all of the key metrics and was especially glad that our profitability wasn't affected by the less volatile markets during H1 of 2014. I believe that at times of lower volatility the Execution quality and low trading costs become absolutely critical for all traders and we were able to prove our case for so many new clients during H1 of 2014.”
Illimar Mattus, CFO of Armada Markets, commented at the announcement: “We started Armada Markets in 2011 with a mission to provide the best possible trading conditions. This approach has proven to be successful as illustrated by our financial results and the fact that around 60-70% of our new clients find us through word of mouth. In 2014 we have seen not only more clients and higher trading volumes, but we have also added 9 new client-oriented professionals to our global staff of 32 people. We will be hiring an additional 10-15 people over the next 6 months to service our clients and to introduce 2 new subsidiaries.”
