In the first half of 2023, Admirals reported revenue of €21.1 million, 51% less than the same period in 2022.
Admirals, the Estonia-based Retail FX, and CFDs broker, has recently released its financial report for the first half of 2023. Unfortunately, the report shows a significant decline in revenue from the previous year, resulting in a net loss of almost €5 million for the six months from January to June.
According to the financial report, the broker marked the revenue at €21.1 million, which is 51% lower than the same period in 2022 (€43.0 million) and 19% lower than the second half of 2022 (€26.0 million). The report also shows a net loss of €4.8 million for the six months, a significant difference from the €24.0 million profit the company made in the first half of the previous year.
Revenues came in at €21.1 million, 19% less than the second half of 2022 ($26.0 million) and 51% less than the same period in 2022 ($43.0 million). A net loss of €4.8 million for the six months is also disclosed in the report, a considerable decrease from the €24.0 million profit the business realized in the first half of the previous year. Admirals Group AS must thoroughly examine these aspects and create a strategic plan.
Despite the decline in revenue, the report also highlights some positive developments. Conversely, Admirals reported a 222% increase in the company's new applications, totaling over 143,000. In other words, more fresh entries were submitted this time around than the equivalent 44,500 entries from the same time last year.