financemagnates - 8/2/2020 1:14:29 AM - GMT (+0 )
Admiral Markets AS, the Estonian branch of Admiral Markets Group AS, has reported its financial results for the first half of 2020 this Friday, in which the broker has reported a significant uptick across its key metrics.
In fact, the first half of 2020 was the most successful year in the broker’s 19-year history, according to a statement from the company. In particular, the firm reported particularly strong revenue and profit.
In the first six months of the year, net trading income for the foreign exchange and CFD broker increased by 228.4 percent to €31.6 million, up from €9.6 million in the first half of last year. On a group level, net trading income was €37.9 million, which is stronger by 171 percent.Indices CFDs contribute most to Admiral Markets AS income
Active clients in the first half of this year grew by 104 percent year-on-year. In terms of what was traded, forex products made up 20 percent of trading income, as did commodities CFDs. Taking up the biggest slice was indices CFDs at 42 percent. Other products, such as stocks and ETFs, contributed 2 percent.
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For the Estonian branch, net profit increased substantially, climbing from €912 million in H1 of 2019 to €19.1 million in H1 2020. This is an increase of 1,995.7 percent. Net profit for the Group soared by 1,321 percent year-on-year.
During the six month period, Admiral Markets Group also set a record for the number of new clients signing up to trade, reporting a 260 percent annual growth.
Commenting on the financial results, Sergei Bogatenkov, the CEO of Admiral Markets, said in the statement: “Admiral Markets is today a financially secure company, offering its customers a successful partnership.
“Our focus is on aggressive clients’ growth. As a digitally developed company, one of the reasons for success is definitely our IT developments. The most prominent of these is the new trading application, which provides customers an even more personalized native trading experience than before.”