NAGA Group revenues decline 27% in Q2 2020. However, H1 2020 revenue of €12.1 million exceeds the full-year 2019 revenue of €3.9 million.
21 July, 2020 | AtoZ Markets – NAGA Group is a German retail Forex brokerage firm focused on social trading. It offers financial markets, cryptocurrencies, virtual commodity trading and investment services. Earlier this month, NAGA announced that it would raise €4.5 million in new shares and add another €500,000 in mid-July.
Record Sales for NAGA Group in H1 2020
The NAGA Group reported strong growth in the H1 2020 compared to the previous year. The number of new customers and the volume of transactions increased significantly by more than 50% from Q1 2020.
In H1 2020, more than 2.7 million trades were recorded with a trading volume of around €50 billion. In the Q1 2020, it recorded 1.2 million trades with a trading volume of around €23 billion.
The company reports preliminary sales of €12.1 million and an EBITDA margin of approximately 30.5% in H1 2020. The company reported €16.7 million sales in H1 2019.
NAGA Group recorded sales revenue of €7 million in Q1 2020 (Q1 2019: €0.6 million). However, the company recorded €5.1 million in revenue in Q2 2020. It is 27% QoQ drop in Revenue.
NAGA had more than 46,000 new users in H1 2020 (H1 2019: 18,500) and over €26 million in new customer deposits (H1 2019: 8.3 million euros). NAGA Group CEO Benjamin Bilski said:
“We are growing very quickly. The last year was marked by a new growth strategy which has shown its first effects at the beginning of 2020. Another quarter in, we see that our growth is sustainable. Despite lower volatility on the markets than in Q1, we were able to generate more than € 5 million in sales from trading revenue in Q2. Our product and technology are now at an absolute top level, and we will continue to attach great importance to user experience and full automation of internal processes.”
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