Revenues of Admirals Group AS as the parent company were down 40% from the first half of 2022.
Admirals Group reported a decrease in revenue in 2022. The profit was lower than in 2021 due to problems of inflation and energy cost. Revenues of Admirals Group AS, as the parent company, were down 40% from the first half of the year's €43 million, and the Net Loss compares to a Net Profit of €24 million in the first six months of 2022.
However, this Estonian-based broker still has good news. The number of active clients in the group went up by 13% to 55,242 clients compared to 2021 and up by 14% compared to the same period in 2020 (2021: 49,080, 2020: 48,341 active clients)—the client of Admirals mostly from Europe Union, which 87% revenue were from the clients there. The UK accounts for 3% of Revenue, Australia 1%, and rest-of-World 9%.
The number of active accounts in the group went up by 11% to 70,346 accounts compared to the same period in 2021 and up by 12% compared to the same period in 2020 (2021: 63,231 and 2020: 62,854). The number of new applications in the group went up by 22% to 151,116 compared to the same period in 2021 and up by 61% compared to the same period in 2020.
The ups and downs of a company were expected, especially for a company that just held a shuffle in management. In January 2022, Admirals' former CSO Roman Krutyanskiy joined MultiBank after leaving Admirals late last year. Admirals Management Board member Jens Chrzanowski resigned in August and joined rival broker XTB.
Admirals Group CEO Sergei Bogatenkov still said an optimistic statement. He said that Admirals managed to get full scale like pre-pandemic times. He will lead the company to focus on the development of IT and infrastructure strongly. The management will ensure that continuous R&D investments provide us with tools for further growth.