Admiral Markets UK Limited has released its financial report for the fiscal year 2022, which ended on December 31st. The report reveals both positive and challenging aspects of the company’s performance during the year.

In fiscal 2022, Admiral Markets UK reported a turnover of £6.04 million, representing a marginal yearly decline of 2.2 percent. During the same period, the broader Admiral Markets Group AS generated a revenue of €69 million, demonstrating the group’s substantial presence in the financial market.

However, the report also indicates some difficulties faced by the UK unit. The administrative expense of the UK entity increased to £6.14 million from £5.81 million, resulting in an operating loss of £102,912. After considering interest payments, the pre-tax loss of the UK unit came in at £267,147. The net yearly loss of the UK entity deepened to £290,778 (£306,830 after deducting currency translation), compared to a loss of £22,261 in the previous year. This represents a considerable financial setback for the UK subsidiary.

In contrast, the Admiral Markets Group AS reported a net profit of €23.5 million for 2022, marking a historic achievement in its operational history.

Robert Shadforth, Executive Director Admirals UK and Country Manager for the UK acknowledged the challenges and commented on the results, stating, “As we look back on 2022, Admirals’ business was in line with the group’s expectations, and the results of the period were considered satisfactory, given the competition and regulation within the sector. Our strategy of diversification and inclusion has proven to be a sensible choice.”

Admiral Markets UK Limited Fiscal Year 2022 Performance

The UK unit primarily offers a trading platform for customers to engage in contracts for differences (CFDs) and certain securities, acting on a matched principal basis. Its primary source of revenue is derived from the commission charged to the parent company based on the volume of trades.

Admirals UK also expanded its offerings by introducing spread betting accounts last year, with a small number of these accounts becoming active.

However, the report highlights some concerning statistics. The number of active accounts with the UK entity declined by 30 percent, and the deposit amount decreased by 25 percent last year, largely attributed to the impact of Brexit.

In response to the changing landscape due to Brexit, Admiral Markets UK adjusted its European strategies. The company closed its branches in Germany, the Czech Republic, and Spain, now maintaining only a representative office in Lithuania.

Shadforth remains optimistic about the group’s overall performance, stating, “In 2022, we realized our most successful year in the 22-year company history, achieving unprecedented records in net trading revenue, net profit, and active customers. We’re well on our way to realizing our 2030 vision of enabling financial freedom for 10 million people.”

Admiral Markets Group AS and its UK subsidiary are continuing to navigate a competitive and regulated broker sector while adapting to evolving market conditions.

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