Admiral Markets reports financial results for the first six months of 2023, highlighting mixed results for the period。Despite the increase in the number of active customers, the company still posted a net loss of 3.9 million euros.。

Surge in active customers

Admirals Markets "customer base grew significantly, with active customers and accounts growing 96% and 84%, respectively, to 65,636 and 75,975.。Number of new applications soars 222%。On top of that, Admirals "cost-to-income ratio rose 47 percent, reflecting the impact of lower revenue on overall profitability.。

Sergei Bogatenkov, CEO and Chairman of the Management Board of Admirals Markets, said: "Our global team is open to the new possibilities embodied by the industry.。Building partnerships is essential。Business to business to everything will be one of them。These keywords define the future of the value proposition as it embodies the great potential of our business。"

"We also believe the acquisition provides Admirals with a significant opportunity to accelerate growth and expand our footprint in the industry."。"

In the first half of 2023, the contribution of Admirals commodity CFD products increased significantly, accounting for 27% of total trading revenue.。Conversely, shares in stocks and other products such as ETFs have lost。

Financial position and outlook

Admiral Markets AS has €74.2 million in shareholders' equity。The company's balance sheet consists of approximately 45% of current assets。In the first six months of 2023, the company's marketing expenses fell by 55%.。In addition, compared with the same period in 2022, its trade volume fell by 4% to €448 billion.。

Currently, Admirals Group is undergoing a major transformation, with Alexander Tsikhilov replacing Sergei Bogatenkov as CEO, Finance Magnates reported.。

As one of the brokerage's co-founders, Tsikhilov brings a wealth of experience to the role of CEO, having previously served as CEO and Chairman of the Supervisory Board.。His return to the helm marks continuity and a deep understanding of the Admirals Group's trajectory.。