Hirose UK Reports A 400% Surge In Profits In Its 2023 Fiscal Year

Hirose Financial UK Limited, a company that provides trading services for the retail forex industry, has reported a massive increase in profits for the financial year that ended March 31, 2023. The profits reported by the firm during the fiscal year increased by more than 400% to £295,298. The figure was a notable jump from the £59,039 reported in the previous year.

Hirose UK posts a 400% increase in profits

The performance of the company in the 2022/2023 fiscal year is commendable, as it is a significant improvement from what was seen during the previous year. In the last 2021/2022 fiscal year, Hirose UK reported an over 87% decline in profits, with revenues also posting a similar plunge. In 2021/222, Hirose UK’s turnover also dropped by nearly half.

However, the recent financial statements are a significant company performance turnaround. The filing with the UK Companies House shows that the turnover from business activities during 2022/2023 had jumped to £710,084.

The performance posted in the 2022/2023 financial year mirrored what the company had published in 2020/2021, when the turnover jumped by more than 200% to £696,159. However, recent profit levels of £295,298 are significantly low compared to the £464,915 reported by the business in the 2021 fiscal year.

Despite the massive increase in turnover during the 2023 fiscal year, the administrative expenses reported by the company jumped by nearly 50% from around £290,000 to £432,468. According to the company, this increase is attributed to the growth of salary costs.

Hirose UK’s growth

Hirose UK attributed the recent growth in financial numbers to an increased focus on improving client services. Moreover, the company was also seeking more business and market share growth while tapping developments in the technology industry.

“The management believes that the company’s high-quality client service with transparency, honesty, fairness, and readiness are key to the continued growth of the company’s business and market share, in addition to the ongoing developments in technology,” Hirose UK said.

Hirose UK is one of the leading players in the retail trading industry, and it provides direct access to the forex market through over-the-counter platforms. The company supports information and analytical tools where customers can identify, analyze and implement their trading strategies to achieve value.

Hirose UK is regulated by the UK’s Financial Conduct Authority (FCA). It is also a subsidiary of Japan-based Hirose Tusyo Inc. The retail forex broker has around $200 billion in monthly trading volumes, making it one of the top players in the industry.

The directors of Hirose Financial UK believe that the trading company has ample resources to sustain operations in the foreseeable future. The company’s optimism about growth comes despite shutting down operations in the European Economic Area after Brexit. The UK company focuses on growing its business-to-business market while attracting more professional investors, boosting its numbers and position in the forex industry.