The Estonia-based multi-regulated Fx and CFD brokerage firm, Admiral Markets on Wednesday has posted a strong financial result in 2017 with 17 per cent increase in revenue to €27.0 million (USD $31.6 million) compared to €23.0 million in 2016. The company also displayed improvement in several key components of the business on a year-on-year basis.
The company was able to pick up momentum and is able to post strong financial numbers post-2014 period. During the year 2017, the major part of the revenue came in the second half of the year at almost €14.2 million, up from €12.8 million in the first half. The company failed to translate the robust performance to the bottom line and posted net profits of €6.5 million ($7.6 million), same as previous year. The company attributed the strong revenue growth to pick up in volatility in the market, the introduction of new products and enhanced marketing efforts.
The operating expense during the year shot up to $22.1 million (€19.0 million), an increase of 8 per cent year on year from $20.5 million (€17.6 million) in 2016. At the end of 31st December 2017, the company reported active accounts of 25,800 from more than 100 countries and also increased steadily from 24,486 in 2016.
One of the important findings of the group was 20,672 customer accounts belong to the company’s UK unit, while Estonia accounted for a total of 4,086 active accounts.
Breaking down on the revenue and net profits front, revenue of Estonia-based Admiral Markets AS increased in 2017 by 7.8 per cent to €19.4 million (2016: €18 million) and net profit was reported at €6.0 million from €5.9 the previous year. The UK branch reported revenue of £5.51 million and the bottom line at £429,878 (€490,000) in 2017 which is a sharp contrast to the most of the active accounts held in the country.
The group during the year also opened eight local branches in central and eastern Europe during 2017. While commenting to Leaprate, Sergei Bogatenkov, CEO of Admiral Markets Group AS said:
“Admiral Markets has taken on many new projects in 2017. At the end of 2017, Admiral Markets AS announced the public offering, listing and admission to trading of the subordinated bonds. Over 7,000 new trading instruments have been introduced on the Admiral Markets and Admiral. Invest accounts in Admiral Markets AS and Admiral Markets UK Ltd, in order to diversify our business and provide our clients with various investment opportunities. As part of the expansion strategy, Admiral Markets UK Ltd, an investment company belonging to the same consolidation group, has established several branches within the European Union.”