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Admirals UK-registered arm has released its profit reports for the 2023 financial year. According to the platform, it gained a profit turnover of £46,000. This is an improvement on the previous year’s loss of £291,000. The company realized the profit after increasing its turnover to £8.4 million, which is an impressive 40% rise.
Additionally, the company realized a drop in the cost of sales from £230,481 to £122,349. But it recorded a rise in administrative expenses to more than £8.4 million. This is a bit higher than the revenue it realized from its main operations.
Admirals Also Witnessed An Increase In Trading Volume
In the previous year, Admirals generated £237,303 as income from other operating sections. But this year, there was no income generated from other operating streams.
The platform’s major revenue of £402,205 was derived from interest income. The company had a pre-tax profit of £19,355 after removing its payable interest. This is a positive outcome compared to the firm’s loss of £267,147 a year before.
Admirals noted that its total comprehensive income stood at £69,496 after it added the currency translation difference to the profit.
Admirals UK has also reported a surge in the number of clients on its platform. The company has been consistent with its plans to gain more clients in the UK. It witnessed a surge in the trading volumes by clients, with a decrease in the cost of sales and increased turnover in 2023.
The Platform Wants To Onboard New Clients In The UK
Admirals is not able to market its services to clients in the EU. However, the European Securities and Markets Authority has opened the doors for EU-based clients to use the platform’s services on a reverse solicitation basis.
The opportunity has driven the company to start a program that transfers existing clients in the EU to another group company within the same region. As a result, trading and marketing activities could be directed to non-EU resident customers.
However, Admirals is still facing some regulatory challenges. Last April, the company stopped onboarding new clients in the EU due to regulatory bottlenecks. However, the platform assured existing customers that their investing and trading activities will not be affected by the voluntary and temporary suspension.
Admirals says it hopes to increase the number of clients, and it has set strategies in place to add more UK clients. The goal is to offer more enticing products and services to enable them to easily diversify their investments.
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