Forex broker Admirals, regulated by the FCA, faces a setback with a loss of 3.9 million euros in the first half of 2023, despite a surge in clients and active accounts . Although the company experienced rapid growth in its customer base, increasing costs and decreasing revenues contributed to declining profitability.

Despite challenging financial conditions, Admirals forex broker experienced impressive growth in active clients, witha remarkable increase by 96%, reaching 65,636, and an 84% spike in trading accounts, for a total of 75,975. New apps also skyrocketed by 222%, indicating growing interest in forex trading among users.

However, the 47% increase in the revenue-to-ratio reflects a decline that had a negative impact on profits.

CEO and Chairman of the Management Board at the broker with the most comprehensive educational content, Sergei Bogatenkov, remains optimistic about the industry's prospects. He highlighted the importance of partnerships and hinted at the potential for mergers and acquisitions to accelerate growth and expand the company's presence in the market.

While the performance of Admirals commodity CFDs remained positive, accounting for 27% of total gross trading revenue, other products such as shares and ETFs experienced negative performance over the same period.< /p>

Amidst this forex broker news, Alexander Tsikhilov has taken takes over as CEO, replacing Bogatenkov.