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#1 09-03-2021 14:33:43

johnedward
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Admiral Markets net profits up 340% last year

Admiral Markets net profits up 340% last year


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Estonian brokerage firm Admiral Markets AS, operating under the Admiral Markets brand, has released its unaudited financial statements for last year, showing significant leaps in all performance metrics. Net profits increased from 4.6 million in 2019 to 20.3 million last year.

Last year was an impressive one for the entire brokerage industry, as retail investor demand skyrocketed due to market volatility caused by the virus situation. Admiral Markets was no exception, as its annual transaction volumes increased 68% to 998 billion.

The number of trades executed on the platform was 66.9 million, a 110% jump from 31.8 million in 2019.

The brokerage platform's revenue doubled during the year, reaching 47.1 million from 23.2 million the previous year. EBITDA increased from 5.8 million to 21.6 million, with a margin of 46%.

The brokerage firm ended the year with a net profit of 20.3 million, 340% more than the previous year.

Our impressive growth has been accompanied by the launch of new regions which have brought us significantly closer to our long-term goals, says Sergei Bogatenkov, President of the company.

"We have launched exceptional new services that bring our clients closer to financial freedom. We have acquired a platform to offer peer to peer financing. Thus, the next generation is open to access to crowd financing capital and friends. They're open to cutting costs and unnecessary bureaucracy from traditional banks."

The Estonian broker is now aiming high to get 10 million customers on board by the end of 2030.

"We have replaced our product-centric philosophy with a customer-centric approach, which allows us to be agile, transparent and practical for our customers," adds Bogatenkov.

In addition, this current year will be an interesting year for Admiral Markets, which plans to re-brand its services by renaming the brand to "Admiral" later in the year, as was proposed last year.

In the meantime, the broker is contesting a fine imposed on it by the Estonian regulator for lack of transparency of services last April when oil prices turned negative.

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