Admirals Group has shared its unaudited results for the first half of 2024, marking a notable turnaround after three semi-annual periods of decline. The company reported a 10% increase in revenues, reaching €22.0 million, up from €19.9 million in the second half of 2023. This result also slightly exceeds the €21.1 million revenue reported for the first half of 2023, indicating a positive trend in financial performance.

In terms of profitability, Admirals Group has significantly reduced its net loss to €1.2 million in H1 2024, compared to losses of approximately €5 million in each half of 2023. This improvement is largely attributed to a 9% reduction in operating expenses, which decreased to €22.9 million from €25.2 million in the first half of last year.

Admirals Group Financial Turnaround: Unaudited Results 2024

The company had also announced a temporary suspension of new customer onboarding in the EU through its Cyprus-based entity, Admirals Europe Ltd. This decision is part of the Admirals’ efforts to comply with the recommendations of the Cyprus Securities and Exchange Commission (CySEC). The suspension affects only the EU operations and reflects the company’s commitment to adapting its practices to meet regulatory standards.

In addition to these financial and operational updates, Admirals Group had undergone a major leadership shift. Longtime CEO Sergei Bogatenkov and Executive Director Andreas Ioannou have both left the company. Alexander Tsikhilov, the founder of Admirals, has stepped in as interim CEO. The company anticipates further leadership changes in the coming months as it continues to refine its strategic direction.

Overall, Admirals Group is showing signs of recovery while navigating regulatory adjustments and leadership transitions.  

Admirals Group’s first-half results for 2024 reflect a positive turnaround, with a 10% rise in revenues and a significant reduction in net loss compared to previous periods. The company’s strategic decision to temporarily suspend new EU customer onboarding highlights its commitment to regulatory compliance and operational improvements. With a major leadership overhaul underway, including the appointment of Alexander Tsikhilov as interim CEO, Admirals is positioning itself for future stability and growth.

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