HCYM (UK) Ends 2021 with Solid Profits despite Marginal Revenue Drop

HCYM Capital Markets (UK) Limited, the British entity of the larger Henyep Group, published its annual financials for 2021, which ended on December 31. The broker reported an impressive profit of £196,185 compared to a loss of £65,826 in the previous year.

After considering currency translation differences, the total comprehensive income of the broker for the year came in at £206,705. It was significantly higher than 2020’s loss of £99,080.

The strong income was achieved for a year when the brokerage saw a slight revenue decline to £1.65 million from the previous year’s £1.73 million. It was a year-over-year slide of around 4 percent.

Impact of Lower Administrative Expense

“The Company and Group had a pleasing year,” the Company stated in the latest Companies House filing stated. “The small decrease in turnover was more than fully offset by a significant decrease in administrative expense, resulting in an operating profit.”

Indeed, the administrative expense dropped from £1.78 million in 2020 to £1.46 million in 2021. “Administrative expenses were positively impacted by the effect of exchange rate differences and the fall in the turnover of employees in the Group,” the filing added.

HCYM Capital Markets (UK) Limited, which was previously known as Henyep Capital Markets (UK) Limited, provides execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term only dealing services with forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and contracts for differences (CFDs) to retail clients in the United Kingdom. It offers the services on behalf of other sister companies and receives a subsidiary fee in return.

Furthermore, the UK entity is the parent of a Dubai-based entity, which is incorporated in the Dubai International Financial Center and provides agency and support staff services to other group companies.