Admirals Fails to Convert 96% More Active Users into Trading Profit in H1

<p>Admirals
Group, the Estonia-based online trading group, nearly
doubled the number of
its active clients and accounts during the first half (H1) of 2023, compared to the same period in 2022. The number of traders that made at least a trade climbed by 96% to over 65,000 while the number of accounts that concluded at least a trade jumped by 84% to
approximately 76,000.</p><p>Admirals Group's Revenue
Sinks by 50% in H1 2023</p><p>Similarly,
the number of trades made on platforms controlled by the group during the first six months of 2023 jumped by 6% to 30.3 million,
which is up from 28.7 million trades entered during the same period a year earlier. However,
despite this impressive growth, Admirals’ group revenue plunged by half to €21.1 million, going
down from €43 million. Furthermore,
the group reported a net loss of €4.8 million, which is
a significant downturn from a profit of €24 million seen during H1
2022. </p><p>Admirals
Group, which operates in multiple
jurisdictions, including the UK, Germany, South Africa and Indonesia, disclosed
the figures in its unaudited consolidated <a href="https://admiralmarketsgroup.com/wp-content/uploads/2023/08/AMG-ENG-12.06.23.pdf" target="_blank" rel="follow">interim report</a> published today (Thursday). The
report also shows that
the total value of trades made on the company’s platforms during H1 tanked by 4% year-over-year (YoY) to €448 billion.</p><p>On the contrary, however, Admirals said the number of new applications the group received jumped by
222% to over 143,00. In other words, the number of new
applications increased from about 44,500 entries
submitted during the same
period in the previous year.</p><p>“In the
first half of 2023, we witnessed a remarkable rise in the number of people who
believe in strong leadership, client-centricity, effortless and engaging
products, innovation, and the high-tech capability which Admirals delivers,”
Sergei Bogatenkov, the CEO and Chairman of Admiral Groups’ Management Board,
stated in the report. “As a result, we are delighted to report that we have
registered a record growth in customer numbers.”</p><p>Bogatenkov
added: “Customer-centric revenue growth is our standpoint. Our ecosystem is
further targeted to grow the active client base worldwide to build long-term
business relationships.”</p><p>Admirals Ends 2022 in Style</p><p>Meanwhile, <a href="https://www.financemagnates.com/cryptocurrency/court-approves-unlimited-access-to-jailed-bankman-fried-for-trial-prep/">Finance
Magnates</a> reported that Admirals Group <a href="https://admiralmarketsgroup.com/wp-content/uploads/2023/03/AMG-ENG-2022.pdf" target="_blank" rel="follow">wrapped up 2022</a> with record revenue and net
profit. While revenue
climbed by 93% to €69 million, net profit skyrocketed <a href="https://www.financemagnates.com/forex/brokers/admirals-ends-2022-with-record-revenue-despite-poor-h2/" target="_blank" rel="follow">by over 24,000% to
€23.5 million</a>, up from a mere €100,000 in 2021.
However, the figures were propped by <a href="https://www.financemagnates.com/forex/admiral-markets-net-trading-income-surges-255-in-first-half-of-2022/" target="_blank" rel="follow">the stronger
performance</a> put up by
the company between January and June 2022.</p><p>Overall,
the broker attributed the massive growth in 2022 to the “high
<a href="https://www.financemagnates.com/terms/v/volatility/">volatility</a> in financial markets” seen during the year. At the time, the company
said its business was “back to full scale as we were in the pre-pandemic
times”.</p><p>CQG Trader platform retires; Twitter to collect biometric data; <a href="https://www.financemagnates.com/forex/news-nuggets-31-august-cqg-trader-platform-retires-twitter-to-collect-biometric-data/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.