Hirose Financial UK Limited, an online provider of retail forex trading services, has seen a remarkable jump in its profit for the year ending March 31, 2023. The UK Financial Conduct Authority-regulated firm’s profit soared over 400% from £59,039 to £295, 298.

Hirose UK Sees Fourfold Jump in Profit

During the 2021/2022 fiscal year, Hirose UK’s profit slumped over 87% from £464,915, tallying with a similar fall in revenue. The company’s turnover at the same time sank nearly 50% from £696,159, Finance Magnates reported.

However, the most recent financial statement, which was published by the UK Companies House today (Friday), shows that Hirose UK’s turnover from its business activities in the financial year 2022/2023 more than doubled, reaching £710,084. The figure returns the trading platform provider to a position of financial strength last witnessed during the 2020/2021 fiscal year when turnover ballooned to in excess of 200% reaching £696,159. Nonetheless, the new profit level pales compared to the £464,915 the business made as profit in the fiscal year 2021.

Meanwhile, despite impressive growth in its turnover in 2023, Hirose UK’s administrative expenses escalated by nearly 50% from approximately £290,000 to £432,468. The company said the jump was predominantly due to an increase in salary costs.

Hirose UK offers round-the-clock direct access to the global over-the-counter forex market. The firm’s trading platforms also provide a variety of information and analytical tools that allow customers to identify, analyse and executive their trading strategies.

Directors of the British unit of the Japanese brokerage, Hirose Financial, believe that the company has adequate resources to continue to operate in the foreseeable future. This is even as the brokerage, which shut down its European Economic Area operations after Brexit, continues to maintain its longstanding strategy of zooming in on the business-to-business market and acquiring more professional clients.

“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 stated in the report.