The broker reported a net loss of £128,449 this year, contrasting with the previous year.
It was acquired by Noor Capital last March, followed by a rebranding.
Operating as Noor Capital UK, House of Borse Limited closed the financial year 2023 on July 31 with an annual revenue of £589,828. This figure represents a 43 percent decline from the previous year when it generated £1.03 million. Additionally, the company experienced a downturn, recording a loss of £128,449.
Declining Performance
In the fiscal year 2022, the performance of the company dropped when it reported a revenue upswing of 71 percent and a net profit of £222,323. According to the latest figures, its equity shareholders' funds declined by 14 percent to £773,200, primarily due to the loss.
"Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post-year-end," the latest Companies House filing stated.
"Management is confident in the company's current strategy and the resources at its disposal, signaling a preparedness to capitalize on available opportunities. This positive outlook suggests resilience and adaptability in the company's approach, positioning it to navigate challenges and seize potential growth prospects."
Despite the revenue decline, the expenses of the broker, like sales costs and administrative expenses, did not decline proportionally. It further failed to generate any income from other sources, compared to the FY2022's £38,033.
A Change of Ownership
House of Borse is regulated by the UK's Financial Conduct Authority and was fully acquired by Noor Capital based in the United Arab Emirates last March. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the trade name of House of Borse to align with its overall branding.
Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.
"In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favorably to improve its future performances," the filing added. "This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations."
Operating as Noor Capital UK, House of Borse Limited closed the financial year 2023 on July 31 with an annual revenue of £589,828. This figure represents a 43 percent decline from the previous year when it generated £1.03 million. Additionally, the company experienced a downturn, recording a loss of £128,449.
Declining Performance
In the fiscal year 2022, the performance of the company dropped when it reported a revenue upswing of 71 percent and a net profit of £222,323. According to the latest figures, its equity shareholders' funds declined by 14 percent to £773,200, primarily due to the loss.
"Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post-year-end," the latest Companies House filing stated.
"Management is confident in the company's current strategy and the resources at its disposal, signaling a preparedness to capitalize on available opportunities. This positive outlook suggests resilience and adaptability in the company's approach, positioning it to navigate challenges and seize potential growth prospects."
Despite the revenue decline, the expenses of the broker, like sales costs and administrative expenses, did not decline proportionally. It further failed to generate any income from other sources, compared to the FY2022's £38,033.
A Change of Ownership
House of Borse is regulated by the UK's Financial Conduct Authority and was fully acquired by Noor Capital based in the United Arab Emirates last March. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the trade name of House of Borse to align with its overall branding.
Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.
"In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favorably to improve its future performances," the filing added. "This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations."
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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