HYCM UK Says Turnover Surpassed £1.88 Million
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HYCM Capital Markets (UK) Limited has released its annual financial results for the year ending on December 31, 2022. HYCM UK is a forex and contracts-for-difference (CFDs) brokerage platform based in London.
HYCM UK reports a plunge in 2022 profits
The annual financials released by the company have also shown a significant gain in revenue. The Companies House filing by the company has also said that the turnover of the company surpassed £1.88 million, which was an around 14% increase compared to the previous year.
HYCM UK, which was previously known as Henyep UK, has enjoyed significant benefits from the other sources of operating income. The “other operating income” figures reported by the company came in at £697,335, which was a significant increase from the £5,464 that was reported during the previous year.
The administrative expenses reported by the company during the period also surpassed £2.57 million, representing a 43% increase from the previous year. The company also ended the year with an operating profit of £13,088 despite a gain in revenue and other income. During the previous year, the operating profit came in at £198,050.
The filing by the company noted that it had a “pleasing year.” The increase in turnover was attributed to the one-off contribution to other sources of income. The administrative expenses were also negatively affected by the differences in exchange rates, leading to a decline in profits.
“The company and Group had a pleasing year. The increase in turnover was supplemented by a one-off contribution from other income, which more than offset the increase in administrative expense, resulting in an increase in operating profit before the exchange difference. Administrative expenses were negatively impacted by the effect of exchange rate differences which resulted in an overall decrease in Group profit for the year,” the filing said.
The London-based broker also said that after considering interest, it reported a pre-tax profit of £13,243. After deducting taxes, the profit came in to £3,706. In 2021, the net profit that was reported by the company came in to £196,185.
HYCM as a leading global broker
The HYCM brokerage company provides access to trading services for FX and CFDs. These services target retail clients. The broker has a vast global presence, and it is operated by companies situated in the Cayman Islands, Cyprus, Dubai, and the United Kingdom.
HYCM Capital Markets Group is the holding company of all the subsidiaries owned by the larger HYCM Group. The UK-based company owns HYCM Capital Markets (DFIC) Limited, based in Dubai.
HYCM Capital Markets Limited provides agency and support staff services to other group companies. Moreover, the financials reported by the company have highlighted the performance of the London-based firm and not the other companies owned by the group.
