The latest data from Admirals shows a surge in net profit by 149% to EUR45 million during H1 2022 compared to the same period last year.
Estonian forex and CFD broker Admirals released results for the first half of 2022 with a surge in earnings compared to last year. Admirals Group AS 2022 net profit, the parent company of Admirals, increased by 149% to EUR43 million versus EUR17.3 million in the same period in 2021. Meanwhile, net profit reached EUR24.01 million, up from EUR -1.7 million a year ago.
Sergei Bogatenkov, CEO of Admiral Markets AS said:
"Despite the great uncertainty in the world economy and political situation, we continued to implement our long-term goals, continuing to unite personal finance and investing for our client. Our first half-year results are exceptional, trading volumes are strong and stable."
The trade value of the FCA-regulated company increased 9% to EUR467 billion from EUR429 billion during the same period a year earlier. However, the number of trades actually fell by 2% to 28.7 million from 29.2 million in H1 2021. In addition, the number of active clients also fell 17% to 33,493, and the number of active accounts decreased by 15% to 41,227.
Index CFDs accounted for 51% of total gross trading revenue, up 11% year on year. While in second place are forex assets that account for 25% of total gross trading revenue, with a 1% year-on-year increase.
"Admirals is firmly growing its customer base and introducing trading and investment possibilities via our app to people taking their first steps towards their financial freedom. At the same time, we are still a reliable and quality market leader for experienced participants in the sector. The number of people using Admirals app is on a steady rise," added Bogatenkov.