NAGA Group has released its financial results for the first half of 2023, until 30 June 2023. The neo brokerage registered €19.5 million in revenue and preliminary EBITDA of €2.3 million.
The Germany-headquartered broker noted that the results represent an improvement in performance, with a significantly reduced costs compared to H1 2022.
NAGA reported 4.9 million transactions in H1 2023 and a trading volume of €69 billion during the initial six months of 2023. The number of traders in that period surged by 22% in comparison to the same period last year, while the assets under the company’s management experienced a significant growth of 48%.
Furthermore, NAGA effectively reduced its direct marketing expenses and successfully drew in fresh clientele. The average deposit amount from these new customers nearly twofolded when compared to the figures of 2022.
Sam Chaney, Chief Commercial Officer of NAGA, said:
We are thrilled with our performance and future growth prospects. Our focus on cost reduction and improved core KPIs has positioned us well for continued success in the global market.
Christos Charalambous, CFO of NAGA, added:
2023 will be a steppingstone into the future for NAGA. We are extremely satisfied with the turnaround that occurred during the first half year of 2023 and this is confirmed by the preliminary results of the first six months of 2023.
The company’s new CEO, Michael Milonas, said in a letter on Monday that the company has added more than 90,000 customers by the end of 2022.
He commented:
Our goal is to move quickly to solidify and extend our current position whilst we pursue serious acquisition opportunities and welcome them to our family, to our unique ecosystem and technology. NAGA is built for that and is part of our vision as we become a global powerhouse. This strategy is not without risk however: it requires serious investment and crisp execution against established leaders.
NAGA’s CCO, Sam Chaney, further added that the company plans to expand its business globally,
Chaney said:
We believe that innovation knows no boundaries, and by embracing diverse markets, cultures, and perspectives, we can create a truly global ecosystem for our customers.
