Admiral Markets AS made a record-breaking revenue and profits in the first half
of 2020
For Admiral Markets AS, the first half of 2020 was the most successful in its
entire history. The company made a record-breaking revenue and profit in 19
years. In the first half of 2020, the net trading income of Admiral Markets AS
increased to 31.6 million euros. The corresponding figure of Admiral Markets
Group AS, the parent company of Admiral Markets AS, was 37.9 million euros. The
net profit of Admiral Markets AS increased by 2022%, compared to the first half
of 2019 and the net profit of Admiral Markets Group AS by 1321%.
Sergei Bogatenkov, the CEO of Admiral Markets, said that despite the global
state of emergency caused by COVID19, which defined the first half of the year,
they were able to be flexible and react quickly as a company, switching the
headquarters in Tallinn as well as other regional offices to home office mode
only in a couple of days. "The most important thing was to ensure a safe
environment for our people. As our business is conducted in the online world, we
were able to continue with our usual work rhythm to provide our clients with the
high-level customer communication and personalized trading and investment
experience that characterizes us as an industry leader, " Bogatenkov noted.
In addition to the largest-ever revenue and profit record, the company also set
a record in the number of new customers, which grew by 260% at the group level
compared to the same period last year. "Admiral Markets is today a financially
secure company, offering its customers a successful partnership. Our focus is on
aggressive clients' growth. As a digitally developed company, one of the reasons
for success is definitely our IT developments. The most prominent of these is
the new trading application, which provides customers an even more personalized
native trading experience than before," explained the CEO. In addition, Admiral
Markets performed extremely well in Southern and Western Europe, where growth in
both customers and their assets exceeded expectations.
According to Sergei Bogatenkov, maintaining the social distance caused by the
emergency was a challenge for everyone, but the company's employees were
extremely committed, realizing the seriousness of the situation and the need for
self-management. "I am very grateful to our team, because thanks to them, the
first half of the year was the most successful ever in terms of business."
Admiral Markets also significantly increased its brand awareness in the first
half of the year. From now on, in Lennart Meri Airport in Tallinn, there is an
Admiral Markets branded gate number 5. "Quality is the key word that
characterizes Admiral Markets. This is exactly the kind of trading and
investment experience we offer to our clients, and it has brought us recognition
from international financial institutions. To date, we have won more than 40
international awards for our service, quality and contribution to the promotion
of financial education," said Bogatenkov.
Statement of Financial Position
(in thousands of euros) 30.06.2020 31.12.2019
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Assets
Due from credit institutions 25,881 19,757
Due from investment companies 9,533 6,786
Financial assets at fair value through profit or loss 11,915 9,759
Loans and receivables 6,842 3,983
Other assets 1,098 912
Long-term investments 4,180 0
Tangible assets 1,365 1,283
Right-of-use asset 4,447 4,059
Intangible assets 546 630
Total assets 65,807 47,169
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Liabilities
Financial liabilities at fair value through profit or
loss 133 66
Liabilities and prepayments 2,739 2,349
Subordinated debt securities 1,827 1,827
Lease liabilities 4,584 4,145
Total liabilities 9,283 8,387
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Equity
Share capital 2,586 2,586
Statutory reserve capital 259 259
Retained earnings 53,679 35,937
Total equity 56,524 38,782
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Total liabilities and equity 65,807 47,169
Statement of Comprehensive Income
(in thousands of euros) 6M 2020 6M 2019
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Net gains from trading of financial assets at fair value
through profit or loss with clients and liquidity providers 39,878 14,940
Brokerage fee income 57 20
Brokerage and commission fee expense -8,338 -5,352
Other trading activity related income 12 22
Other trading activity related expense -18 -9
Net income from trading 31,591 9,621
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Other income 611 421
Other expense -237 -10
Interest income calculated using the effective interest
method 48 34
Interest income similar to interest 98 82
Interest expense -122 -75
Net gains on exchange rate changes -250 87
Personnel expenses -3,950 -3,343
Operating expenses -7,855 -5,170
Depreciation of tangible and intangible assets -292 -254
Depreciation of right-of-use assets -263 -170
Profit before income tax 19,379 1,223
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Income tax -266 -311
Profit for the reporting period 19,113 912
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Comprehensive income for the reporting period 19,113 912
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Basic and diluted earnings per share 47.31 2.26
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The reports of Admiral Markets AS are available on the following
website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/
(https://www.globenewswire.com/Tracker?data=ZQatyQyjlw0qgRfE2ideeY2I3CHjJPYPEnNm
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==).
Under the international financial services trademark of Admiral Markets,
customers are offered Forex and leveraged Contract for Difference (CFD) web-
based trading service in the over-the-counter market as well as listed
instruments. Since the foundation in 2001, Admiral Markets has continually
expanded its reach, and today it services worldwide through regulated trading
companies.
Investment company Admiral Markets AS, established in Estonia, is a branch of
Admiral Markets Group AS, which has the right to provide investment services
under the operating license of the Estonian Financial Supervision Authority in
the European Union and the European Economic Area countries. Admiral Markets
Group AS is physically represented in 19 countries through its regulated trading
companies with a customer portfolio covering over 135 countries.
Additional information:
Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com
(https://www.globenewswire.com/Tracker?data=8WXBMZ11hzQyZzB2KEKBUYsFp7nLX6inegc9
hk7dlsslD6o4hZscchHVnuETb6wI1MmQOVK7S6jHlweu99CdW4MoUh2W7EFNVz_HHXUTJrIssONKH8eP
RUW4Gj80DHGb)
+372 53 413 764
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