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Admiral Markets AS 2021 Unaudited 6 Months Financial Results

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Admirals firmly pursued its global expansion in the first half of 2021

During the six months of 2021, Admiral Markets AS continued its global expansion, with pioneering developments such as opening a first of its kind European-origin FinTech office in Amman, Jordan and attaining a financial license in South Africa while performing outstandingly in increasing its client base and net trading income.

Celebrating its 20th anniversary in March, Admiral Markets announced its rebranding to Admirals, which reflects the journey and standpoint of the company today. Admirals at its ethos stands for innovation streamlining personal finance that mirrors the continuous large-scale investments into IT, R&D, and outstanding product development throughout the last 2 years.

Sergei Bogatenkov, Chief Executive of Admiral Markets AS, said that the company is amid remarkable growth, rapidly continuing in the first half of 2021. “We are introducing a wider range of products and services which will make personal finance even more transparent and accessible.”

According to him, the extreme volatility of 2020 laid a strong foundation for the future trading and investing habits of millions of people worldwide, which can be seen in the trading volumes already today. 2020 was an extreme year for the financial sector, whereas comparison with 2019 is more objective, reflecting actual trends.

2021 has been an excellent kick-off for the results the company is aiming to achieve in the following years. Trading levels normalized from record volumes in 2020, but the company achieved a 24% increase in net trading income compared to 2019. Net trading income of our Group was 17.3 million euros, compared to 14 million euros in 2019 in the same period.

Despite the lower volatility of financial markets, Admiral Markets AS achieved a significant increase in new clients. “During the first half-year of 2021, we received 82% more applications than in 2020 and 451% more than in the same period of 2019. This is a profound landmark for us because we want to demolish the boundaries that where once barriers to people entering the financial world. On the contrary - as a disruptor of the FinTech world, we offer and strive to continue to provide solutions to enable easy access to financial markets. To everybody, everywhere at anytime”.

Manifesting that, Admirals, as the first financial company of European origin in many years, and first Fintech the company commenced operations in Jordan in June, opening a local office in Amman. In keeping with implementation of their long-term strategy, achieving one of the goals of which is to continue expansion in the Middle East and North Africa (MENA) region.

“On its way to expanding its global presence, another ground-breaking milestone was reached when we have attained a financial license in South- Africa. This is one of the cornerstones of the long-term vision we are aiming for in the next decade,” declared the Chief Executive.

Admirals consists of a combination of hard-working, committed, and excellent team players, willing to go for the extra mile. Unprecedented times bring opportunities for us to help those who have experienced obstacles and setbacks. “Today, we can share our success, and we are delighted and honored to be the main sponsor of Eesti Kontsert, the coordinator of the musical activity in Estonia. Culture is one of the areas deeply affected by the COVID-19 outbreak,” explained the CEO.

Also, Admirals is one of the key partners of coding school “code/Jõhvi”, which is taking coding education to the next level in Estonia. Bogatenkov said that education, IT education, and supporting young people in their studies are fundamental to the company.

Admirals is taking the global development and presence very seriously, as we participate at world EXPO2020, held in Dubai, starting in October 2021. “Admirals also reflects the Estonian digital success story, successfully combining the IT and financial world. Expo helps us to build a corporate bridge to 192 countries all present at EXPO,” said Bogatenkov.


Statement of Financial Position

(in thousands of euros)

30.06.2021

31.12.2020

Assets

Due from credit institutions

10,141

25,742

Due from investment companies

16,106

15,120

Financial assets at fair value through profit or loss

10,411

10,248

Loans and receivables

10,437

6,730

Other assets

2,584

1,390

Investments into associates

1,548

1,375

Investments into subsidiaries

4,180

4,180

Tangible fixed assets

1,692

1,614

Right-of-use asset

3,934

4,213

Intangible fixed assets

2,083

824

Total assets

63,116

71,436

Liabilities

Financial liabilities at fair value through profit or loss

274

219

Liabilities and prepayments

3,503

7,317

Subordinated debt securities

1,827

1,827

Lease liabilities

4,157

4,396

Total liabilities

9,761

13,759

Equity

Share capital

2,586

2,586

Statutory reserve capital

259

259

Retained earnings

50,510

54,832

Total equity

53,355

57,677

Total liabilities and equity

63,116

71,436

(in thousands of euros)

6M 2021

6M 2020

Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers

17,895

39,878

Brokerage and commission fee revenue

28

57

Brokerage and commission fee expense

-8,855

-8,338

Other trading activity related income

6

12

Other trading activity related expense

-3

-18

Net income from trading

9,071

31,591

Other income

421

611

Other expense

-52

-237

Interest income calculated using the effective interest method

106

48

Other income similar to interest

93

98

Interest expense

-118

-122

Net gains/(losses) on exchange rate changes

413

-250

Personnel expenses

-2,662

-3,950

Operating expenses

-7,673

-7,855

Depreciation of tangible and intangible assets

-333

-292

Depreciation of right-of-use assets

-279

-263

Profit (loss) before income tax

-1,013

19,379

Income tax

-567

-266

Net profit (loss) for the reporting period

-1,580

19,113

Comprehensive income (loss) for the reporting period

-1,580

19,113

Basic and diluted earnings (loss) per share

-3.91

47.31

The reports of Admiral Markets AS are available on the following website: https://admiralmarketsgroup.com/en/admiral-markets-as/reports/.


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, the company has continually expanded its reach, and today servicing worldwide through regulated trading companies.

Investment company Admiral Markets AS, established in Estonia, is a branch of Admirals 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 18 countries through its regulated trading companies with a customer portfolio covering over 145 countries.

Additional information:
Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com
+372 53 413 764






















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