Admiral Markets, a leading fintech company specializing in forex and CFD, had a strong performance in the first half of the year. This performance happened even as the financial market went through significant volatility.
Admiral revenue and volume rose
Admiral Markets published its unaudited financial report for the first half of the year on Wednesday. The results showed that the company’s net trading income rose to €32.8 million in the first half. This was a strong performance since the company made €9.1 million in the same period in 2021 and €31.6 million in 2020.
Further numbers showed that the company’s EBITDA rose to €24.3 million while its net profit rose to €23.3 million. Admiral Markets had a net loss of over €1.6 million in the first half of 2021.
Still, there were some challenges in the company’s business. For example, the total number of active clients declined by 17% to over 33,493. In the same period, the number of active accounts in the group fell by 15% to 41,227. Also, the number of new applicants crashed by 41% to 44,508. In a statement, the firm blamed the performance to the war in Ukraine
Admiral Markets acquired a South African license in the first half of the year. It hopes to grow its business throughout the continent. The statement added that:
“Establishing its first hub in Africa, the Company plans to further set up its strong presence in the continent. Admirals will be headquartered in Cape Town, which has been identified as a top financial hub in Africa.”
In addition, Admiral Markets Canada Limited became a registered investment dealer and member of the Investment Industry Regulatory Organization of Canada.
Other forex and CFD brokers have done relatively well in a challenging environment. For example, IG Group and CMC Markets are currently repurchasing their shares after delivering strong results. Exness, on the other hand, has seen its volume rise to $2 trillion per month.