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Admirals Group AS unaudited 12 months financial results of 2022

2022 was the most successful year in history for Admirals Group AS 

2022 was the most successful of Admirals' 22 years of operation. The company achieved records in net trading revenue, net profit and active customers, acquired licenses in South Africa and Canada, and strongly continued to strategically implement the 2030 vision to enable financial freedom for 10 million people. 

  • Admirals Group AS net trading income 69.0 million euros (2021: 35.7 million euros)

  • Admirals Group AS net profit 23,5 million euros (2021: 0.1 million euros)

As a global FinTech community, Admirals has always stood for the values that connect people and cultures all around the world. Financial freedom is one of the next great objectives of humankind and we believe that it should be within reach for everybody and everywhere. Our aim is to be a trustful financial partner on that journey,” said the CEO of Admirals Group AS Sergei Bogatenkov.

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"Our vision is to be the global pioneer in financial inclusion that lets people access effortless, affordable, and secure financial products and services through an ecosystem that meets their needs. This vision does not only speak about the future but describes today’s simultaneous development and execution of a strong strategy as a global financial hub. We are fast, flexible, and courageous, which is what our record results last year speak for," added Bogatenkov.

According to the CEO of Admirals Group, the company expanded its global presence to South Africa and Canada, and today the company is trusted by customers on all continents. "We have created a strong cross-cultural team that operates in 18 different locations around the world. We are a global company with a local focus. We are constantly making sure that Admirals offers existing and future customers the best mix of products and experiences, across all geographies and channels," introduced Bogatenkov.

"One of the milestones in our success is our app, which is a unique, secure, and customer-friendly tool to navigate the vast world of finance in 10 different languages. Our newly launched in-house native trading and investing platform will define future success. Our business is back to full scale as we were in the pre-pandemic times. We are strongly focused on the development of IT and infrastructure, making sure that continuous R&D investments provide us with tools for further growth. We keep pace with the endless integration of AI possibilities and the development of machine learning that will allow our high performance to succeed to new levels. Our systems are fully trouble-proof while functioning securely and to the highest possible standards,” said the CEO of Admirals Group AS Sergei Bogatenkov.

“We must think about the environment, actions and influence we can create as a global leader. We have always emphasised the importance of sharing our success with organizations and initiatives who need our support. In a constantly changing world, we are staying committed to empowering the FinTech community,” the CEO noted.

Consolidated Statement of Financial Position

 

 

(in thousands of euros)

12/31/2022

12/31/2021

Assets

 

 

Cash

12

7

Due from credit institutions

55.477

25.373

Due from investment companies

16.528

20.294

Financial assets at fair value through profit or loss

7.011

9.501

Loans and receivables

4.643

3.348

Inventories

48.000

106.000

Other assets

3.162

2.373

Tangible fixed assets

2.296

2.228

Right-of-use assets

3.160

3.817

Intangible assets

5.841

4.835

Total assets

98.178

71.882

 

 

 

Liabilities

 

 

Financial liabilities at fair value through profit or loss

294

637

Liabilities and prepayments

6.982

3.291

Deferred tax liability

0.000

31.000

Subordinated debt securities

4.570

4.559

Lease liabilities

3.435

4.056

Total liabilities

15.281

12.574

 

 

 

Equity

 

 

Share capital

250

250

Own shares

-315

-105

Statutory reserve capital

25

25

Currency translation reserve

-669

23

Retained earnings

83.600

59.099

Total equity attributable to owners of the parent

82.891

59.292

Non-controlling interest

6.000

16.000

Total equity

82.897

59.308

Total liabilities and equity

98.178

71.882

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income

 

 

(in thousands of euros)

12/31/2022

12/31/2021

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

70.654

37.063

Brokerage and commission fee revenue

2.017

2.138

Brokerage and commission fee expense

-3.472

-2.954

Other trading activity related income

839

196

Other trading activity related expense

-1.062

-732.000

Net income from trading

68.976

35.711

Other income similar to interest

86

185

Interest income calculated using the effective interest method

201

128

Interest expense

-444

-426

Other income

1.568

3.428

Other expenses

-778

-164

Net losses on exchange rate changes

-846

-301

Losses from financial assets at fair value through profit or loss

-490

-357

Personnel expenses

-12.969

-11.499

Operating expenses

-28.846

-24.252

Depreciation of tangible and intangible assets

-2.005

-1.062

Depreciation of right-of-use assets

-863.000

-973.000

Profit before income tax

23.590

418

Income tax

-99

-269

Profit for the reporting period

23.491

149

Other comprehensive income:

 

 

Items that subsequently may be reclassified to profit or loss:

 

 

Unrealized exchange rate differences

-691

734

Total other comprehensive income/(loss) for the reporting period

-691

734

Total comprehensive income for the reporting period

22.800

883

Net profit attributable to the owners of the parent

23.501

146

Net profit attributable to non-controlling interest

-10

3

Profit for the reporting period

23.491

149

Total comprehensive income attributable to the owners of the parent

22.809

880

Total comprehensive income attributable non-controlling interest

-10

3

Comprehensive income for the reporting period

22.799

883

Basic and diluted earnings per share

9.54

0.06

The reports of Admirals Group AS are available on the following website: https://admiralmarketsgroup.com/reports-group/

About Admirals: 

Admirals is one of the world's leading FinTech companies headquartered in Estonia. Admirals is a financial hub that makes personal finance transparent, convenient and accessible to everyone, everywhere, offering both beginners and experienced experts the opportunity to enter the global financial markets. Today, Admirals is one of the most international companies in Estonia, with physical offices in 18 countries around the world. Admirals is committed to building a strong global team in new regions of the world. Admirals' long-term mission is to enable financial freedom for 10 million people by 2030. 

Additional information:

Kaia Gil
Communication manager of Admirals Group AS
kaia.gil@admiralmarkets.com 
+372 53 413 764


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