Admirals Group Cuts Costs and Improves Net Loss in H1 2024

Admirals Group cuts costs and reports a 9% expense reduction, 4% trading revenue growth, positive EBITDA, and regulatory adjustments in H1 2024.

Admirals Group AS has reported significant improvements in its financial performance for the first half of 2024, marking a notable recovery despite challenging market conditions. The company increased its trading revenue by 4% and achieved a positive EBITDA, a significant turnaround from the previous year’s losses.

In the first six months of 2024, Admirals Group’s net trading income rose to EUR 22.0 million, up from EUR 21.1 million in 2023, reflecting a 4% increase. Admirals Group achieved this growth in trading revenue despite the low market volatility that typically hampers trading activity. Operating expenses decreased sharply, falling 9% to EUR 22.9 million from EUR 25.2 million the previous year. This cost reduction contributed to a positive EBITDA of EUR 0.4 million, starkly contrasting the EUR 2.9 million loss recorded in the first half of 2023. The Group’s net loss also improved significantly, reducing to EUR 1.2 million from EUR 4.8 million in the same period of the prior year.

Admirals Group Cuts Costs and Improves Net Loss in H1 2024

Admirals Group has continued to innovate, launching an analytical research terminal for the MetaTrader 4 and MetaTrader 5 platforms. So, this tool leverages AI-driven analytics to provide market insights, enabling traders to make more informed decisions. The terminal includes features such as a corporate calendar, economic calendar, NewsIQ, and integration with Dow Jones, consolidating essential information in one platform for traders to access quickly.

In April 2024, Admirals Group proactively aligned with regulatory requirements by voluntarily suspending customer onboarding for its EU operations under Admirals Europe Ltd. Additionally, this suspension is part of the company’s efforts to comply with the Cyprus Securities and Exchange Commission (CySEC) recommendations. The suspension only affects operations within the EU, and the company is working closely with CySEC to implement necessary changes that will allow it to resume client onboarding and reinforce its position as a compliant and leading entity in the market.

In related news, the UK’s Financial Conduct Authority (FCA) warned about a fraudulent entity impersonating Admiral Markets UK Ltd. The clone firm operates under admrlmrkts.co, uses similar contact details to mislead potential investors. The FCA has urged the public to be vigilant and ensure they deal with the legitimate company to avoid falling victim to such scams.

As Admirals Group navigates these challenges and continues to innovate, the company’s financial performance in the first half of 2024 demonstrates resilience and a strong commitment to growth and regulatory compliance.

For broker reviews, click here.