Estonia-based Retail FX and CFDs broker Admirals Group AS has published its preliminary (unaudited) results for 2023, with the company continuing its downward trend in revenue in the second half of the year.
After Admirals saw its Revenue collapse by 51% in 1H 2023, the company reported another but milder decline of 6% in 2H 2023. Admirals’ 2H 2023 revenue was 19.9 million euros against 21.1 million euros in the first half of the year. For the full year 2023, Admirals posted revenue of €40.9 million, down 41% from 2022’s €69.0 million.
Admirals’ net loss of €5.1 million in the second half of 2023 was slightly higher than losses of €4.8 million in the first half of 2023, leading to a total loss of €9.9 million for the year, in compared to net profits of €23.6 million in 2022.
Admirals has just completed an overhaul of its senior management ranks, with long-time CEO Sergei Bogatenkov and the company’s Cyprus Executive Director Andreas Ioannou leaving the company. While company founder Alexander Tsikhilov has taken over as CEO for now, we believe more changes will be revealed in the coming months at the company.
