Per its latest filing with the UK Companies House, the broker reported a total revenue of £6.04 million in 2022, a marginal decrease from £6.18 million the previous year. Administrative expenses rose to £6.15 million from £5.82 million a year ago. Overall, Admirals’ operating loss rose from £22,261 in 2021 to £290,778 in 2022.

Under the umbrella of the Admiral Markets group, Admiral Markets UK Limited operates a non-advisory trading platform regulated by the Financial Conduct Authority (FCA). Their primary service involves trading in CFDs and select securities. While the company typically operates on a matched principal basis, offsetting all client trades with Admiral Markets AS, another Estonia-based subsidiary, plans are in place to commence taking trading positions in 2023. The company derives its primary revenue from commissions charged to Admiral Markets AS for trades executed by its clients.

The filing further states that COVID-19, coupled with the repercussions of Brexit, has posed challenges for the firm in 2022. Efforts to attract UK clients were met with a 30% decrease in active accounts and a 25% decline in deposit amounts. As such, the pre-tax loss for the year was reported at £306,830.

Furthermore, the absence of the European MiFID ‘passport’ has led to the closure of several European branches outside the UK. However, the company has found a way to onboard and service clients through reverse solicitation, in line with guidelines from the European Securities and Markets Authority. One notable development for 2022 was the introduction of spread betting accounts, with a handful of these accounts now active.

Admirals revealed earlier in May its intention to merge with its Estonian subsidiary, Admirals Markets AS. The anticipated completion of the merger is set for the first half of 2024.

As part of this plan, the company aims to revoke the subsidiary’s investment company license in Estonia.  Admirals said the decision to restructure arises from “the fundamental need and strategic decision” to expand its global presence.

Admirals Group AS boasts a physical presence in 18 countries through its subsidiaries, which serve clients in over 145 countries.

Despite the ongoing restructuring, Estonia remains a crucial strategic location for Admirals Group. The company reaffirms its commitment to the country by maintaining its headquarters in Tallinn, where it currently employs over 100 professionals. Additionally, Admirals Group’s lending platform, MoneyZen, will remain regulated by the Estonian financial authority.

Earlier in April, Admirals opened a new office in Nigeria as part of its growth strategy to solidify its position as a key financial services provider in Africa. The milestone comes less than a year after Admirals SA (PTY) Ltd, an operating subsidiary of Admirals, received regulatory approval to offer CFDs trading to investors in South Africa.