Sun, May 19, 2024

Admirals UK Achieves Profit Turnaround in 2023

Broker News

Admirals (formerly known as Admiral Markets), based in the UK, ended 2023 on a high note by earning a net profit of over £46,000. It was a significant improvement from a nearly £291,000 loss the year before. 

The company’s revenue soared by 40% to £8.4 million. Despite higher administrative expenses, which slightly surpassed the operational revenue, the company managed to cut its cost of sales down to £122,349 from £230,481.

From Loss to Profit for Admirals UK

The firm saw no income from other operations, unlike the previous year’s £237,303, but interest income brought in £402,205. The pre-tax profit stood at £19,355, a stark contrast to the prior year’s loss of £267,145. 

The total comprehensive income, after adjusting for currency translation differences, reached £69,496 for the year. Admirals had a successful strategy of increasing client trade volumes and reducing sales costs in 2023, the filing with Companies House revealed.

Admirals focused on attracting UK clients and succeeded in boosting trade volumes. It stopped marketing to EU clients due to regulatory mandates but readied itself to cater to non-EU clients by transferring existing ones within the group. 

Last April, Admirals ceased new EU client registrations, clarifying that it wouldn’t affect current clients’ trading and investment activities. This was a prudent move, but it faced regulatory hurdles.

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