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Admirals Group AS Unaudited Financial Results for 12 months of 2024

News Provided by GlobeNewswire2025-02-28

Admirals Group AS Unaudited Financial Results for 12 months of 2024

Despite lower client activity, Admirals Group AS delivered resilient trading income and positive EBITDA through effective cost control measures.

• The Group 's net trading income decreased by 6% to EUR 38.4 million (2023: EUR 40.9 million), being supported by higher volatility on the financial markets.

• The Group’s total operating expenses decreased by 16% to EUR 42.4 million (2023: EUR 50.3 million) as a result of cost optimisation efforts.

• EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

• Net loss was EUR -1.6 million (2023: EUR -9.7 million).

Although the income was supported by higher volatility in financial markets, Group 's cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group 's business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group 's product governance efforts with objectives and needs of it 's European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

Statement of Financial Position

(in thousands of euros)	31.12.2024	31.12.2023
Assets
Cash and cash equivalents	41,607	41,025
Due from investment companies	18,736	18,961
Financial assets at fair value through profit or loss	1,228	5,062
Loans and receivables	8,315	4,772
Inventories	665	311
Other assets	2,092	2,137
Tangible fixed assets	1,359	1,950
Right-of-use assets	2,541	2,603
Intangible assets	3,304	5,147
Total assets	79,847	81,968

Liabilities
Financial liabilities at fair value through profit or loss	334	224
Liabilities and accruals	3,326	4,318
Deferred tax liability	0	1
Subordinated debt securities	4,103	4,102
Lease liabilities	2,818	2,894
Total liabilities	10,581	11,539

Equity
Share capital	250	250
Own shares	-456	-315
Statutory reserve capital	25	25
Currency translation reserve	30	-834
Retained earnings	69,417	71,276
Total equity attributable to owners of the parent	69,266	70,402
Non-controlling interest	0	27
Total equity	69,266	70,429
Total liabilities and equity	79,847	81,968

Statement of Comprehensive Income

(in thousands of euros)	2024	2023
Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers	40,653	46,276
Brokerage and commission fee revenue	1,408	2,134
Brokerage and commission fee expense	-3,558	-5,118
Other trading activity related income	489	412
Other trading activity related expense	-583	-2,768
Net income from trading	38,409	40,936
Other income similar to interest	947	171
Interest income calculated using the effective interest method	424	900
Interest expense	-472	-496
Other income	3,004	741
Other expenses	-233	-185
Net losses on exchange rate changes	-1,016	-984
Profit / (loss) from financial assets at fair value through profit or loss	-444	61
Personnel expenses	-13,394	-15,231
Operating expenses	-25,412	-31,875
Depreciation of tangible and intangible assets	-2,594	-2,310
Depreciation of right-of-use assets	-787	-837
(Loss) before income tax	-1,568	-9,109
Income tax	-24	-616
(Loss) for the reporting period	-1,592	-9,725
Other comprehensive income / (loss):
Items that subsequently may be reclassified to profit or loss:
Currency translation adjustment	864	-165
Total other comprehensive income / (loss) for the reporting period	864	-165
Total comprehensive (loss) / income for the reporting period	-728	-9,890
Net (loss) attributable to the owners of the parent	-1,592	-9,746
Net profit attributable to non-controlling interest	0	21
(Loss) for the reporting period	-1,592	-9,725
Total comprehensive (loss) attributable to the owners of the parent	-728	-9,911
Total comprehensive income attributable non- controlling interest	0	21
Total comprehensive (loss) for the reporting period	-728	-9,890
Basic and diluted earnings per share	-0.65	-3.95