Published: 2018-08-28 07:50:00 CEST
Admiral Markets
Half Year financial report

Admiral Markets AS 2018 Unaudited 6 Months Financial Results

Admiral Markets AS reports record-breaking first half results for 2018

Admiral Markets AS earned record revenue and profits during the first six months of 2018. Net trading income of the company increased to 12.6 million euros in the first half of 2018, which is 3.6 million euros more than a year ago. The growth in net trading income can be mainly attributed to an increase in trading volumes and the number of active customer accounts of the Group. The company's net profit was 5.0 million euros, or 127% higher compared to 2.2 million euros a year earlier. The company's profit margin also increased, which was 40% compared with 24% year-on-year. The return on equity of Admiral Markets AS was 17.2% at the end of the first half of 2018.

“The level of own funds of Admiral Markets AS grew due to the inclusion of profit in the composition of own funds and amounted to 27.8 million euros at the end of June 2018. Also, capital adequacy grew by the end of June, reaching 31.3%, which is 8.7% higher compared to the end of December 2017, indicating a good level of capitalization of the company. The cost to income ratio fell to 61% by the end of June 2018, which is a sign of further improvement in the operational efficiency of Admiral Markets AS”, said Sergei Bogatenkov, Chairman of the Management Board of Admiral Markets AS.

Admiral Markets Group AS, the parent company of Admiral Markets AS, also showed record results in the first half of 2018. The consolidated net trading income of Admiral Markets Group AS for the first six months of 2018 increased to 16.9 million euros, which is 4.1 million euros more than a year earlier, and consolidated net profit was 5.9 million euros, or 111% more than 2.8 million euros a year before. As of 30 June 2018, the off-balance sheet assets (client assets) of the consolidation group totalled 26.2 million euros, and the number of active customer accounts was over 28,600. The number of active customer accounts increased by 11% as compared to the end of 2017.

“Admiral Markets AS first half of 2018 results were positively influenced by the launch of several successful marketing projects, the addition of new instruments to the company's trading portfolio, a new mobile application, which makes trading even more convenient for clients and increased volatility in global financial markets”, said Sergei Bogatenkov.

In the second half of 2018, Admiral Markets will continue to implement its global strategy, which, among other things, will include the continued expansion of the group to new markets, extending the offer to institutional customers and professional clients to increase their share among the customers of the company. The plans include also the development and launch of a new personal Trader's Room, the update of the mobile application and the launch of a new self-education program for financial markets training.

Statement of Financial Position

(in thousands of euros)30.06.201831.12.2017
ASSETS  
Current assets  
Cash and cash equivalents21,61722,002
Financial assets at fair value through profit or loss8,0923,361
Short-term loans, receivables and prepayments3,4774,247
Inventories220
Total current assets33,20829,610
Non-current assets  
Long-term loans and receivables442451
Long-term investments050
Tangible assets883398
Intangible assets7993
Total non-current assets1,404992
TOTAL ASSETS34,61230,602
   
LIABILITIES  
Current liabilities  
Financial liabilities at fair value through profit or loss137177
Liabilities and prepayments1,5241,176
Total current liabilities1,6611,353
Long-term liabilities  
Subordinated debt securities1,827    1,827
Total long-term liabilities1,8271,827
TOTAL LIABILITIES3,4883,180
   
EQUITY  
Share capital2,5862,586
Statutory reserve capital258258
Retained earnings28,28024,578
TOTAL EQUITY31,12427,422
   
TOTAL LIABILITIES AND EQUITY34,61230,602
   
   
   

Statement of Comprehensive Income

(in thousands of euros)6M 20186M 2017
Net profit from trading of financial assets at fair value through profit or loss with clients and liquidity providers17,77513,323
Brokerage fee income5142
Brokerage and commission fee expense-5,088-4,334
Other trading activity related expenses-98-28
Net income from trading12,6409,003
Other income269197
Net interest income7220
Net gain (loss) on exchange rate changes191-484
Other financial expenses-730
Personnel expenses-2,661-2,589
Operating expenses-4,953-3,523
Depreciation of fixed assets-127-107
Profit before income tax5,3582,517
Income tax-331-331
Profit for the accounting period 5,0272,186
Comprehensive income for the accounting period5,0272,186
Basic and diluted earnings per share12.445.41

Admiral Markets AS reports are available on the following website: https://admiralmarketsgroup.com/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, Admiral Markets has continually expanded its reach, and today it services worldwide through regulated trading companies.

Investment company Admiral Markets AS, established in Estonia, is a branch of Admiral Markets 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 16 countries through its regulated trading companies with a customer portfolio covering over 110 countries.

Further information:

Kira Evve

Communication Manager of Admiral Markets AS

kira.evve@admiralmarkets.com

+372 5560 8284

Attachment


Admiral Markets AS report on 6 months of 2018.pdf