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Admiral Markets reports client growth in the first half of 2023

Admiral Markets reports client growth in the first half of 2023

Broker Admiral Markets has presented financial results for the first six months of 2023.

In the first half of 2023, the number of active clients and Admiral Markets accounts increased by 96% and 84% to 65,636 and 75,975, respectively. This contributed to a 222% increase in new applications to the company, reflecting the growing interest in Admiral Markets' offerings.

Despite the growth in client numbers, the company recorded a net loss of €3.9 million. In addition, the cost-to-income ratio increased by 47%, reflecting the impact of lower revenues on overall profitability.

Sergei Bogatenkov, CEO and Chairman of the Board of Directors of Admirals, said that developing partnerships is a priority for the company's development.

"Creating partnerships is critical. Business-to-business-to-everything will be one of the key drivers for the future of the value proposition as it embodies the huge potential of our business," Bogatenkov said.

Admiral Markets said it remains focused on its long-term mission to bring financial freedom to 10 million people by 2030.

Admiral Markets AS highlighted that its equity capital is 74.2 million euros, with a balance sheet of 45% liquid assets. In the first six months of 2023, marketing expenses have decreased by 55%.

The data presented in the report shows that the company is committed not only to expanding its client base but also to improving the financial well-being of its clients.

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