Forex Broker Admirals Announces Trading Revenue of EUR38.4 Million in 2024
Admirals' revenue decreased to €38.4 million in 2024, while EBITDA recovered to €0.9 million.
In this forex broker news, Admiral forex broker published its financial report for the year 2024, showing a net trading income of €38.4 million. This marks a decrease of €2.5 million compared to the 2023 income of €40.9 million. Despite the decrease in income, Admiral forex broker showed signs of recovery in other financial metrics.
The main highlight in the performance of Admiral is the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which recovered to €0.9 million after suffering a loss of €6.5 million in the previous year. EBITDA margin increased to 2%, a significant change from -16% in 2023. Additionally, the cost-to-income ratio experienced a positive change, decreasing to 110% from 123% last year.
Admiral Markets UK also reported a rapid recovery, recording a net profit of €1.3 million in 2024, a drastic change from a loss of €8.2 million in 2023. The company's net trading income soared 48% to €13.5 million, while operational costs decreased by 26% to €13.7 million. EBITDA also showed improvement, increasing by €2 million from the previous year's loss of €6.9 million.
By the end of 2024, Admiral Markets UK had total assets worth €75.6 million. The broker's cash and cash equivalents with credit institutions reached €19.4 million, reflecting an increase of €9.2 million from 2023. Total liabilities reached €4.4 million, while equity grew by €1.3 million to €71.2 million from €69.9 million.
However, the report also highlights the worrisome decrease in active clients. The number of active clients decreased by 52% year-over-year to 43,332, while active accounts decreased by 43% to 63,249. Additionally, the number of Admiral trading app users decreased by 64% to 95,782 users. This decrease is largely due to the voluntary suspension of new client registrations by Cyprus, which impacted the growth of Admirals.
Despite this setback, the multi-asset broker remains focused on improving financial stability and optimizing its operations for the future.