HYCM Capital Markets (UK) Limited, a London-based FX/CFDs broker operator, published its annual financials for the year ending on December 31, 2022, reporting a gain in revenue. According to the latest Companies House filing, the company's turnover reached over £1.88 million, which is about 14 percent higher than the previous year.
HYCM UK's 2022 Performance
The broker, previously known as Henyep UK, benefited significantly from its 'other operating income' sources, which brought in £697,335 compared to £5,464 in the previous year.
However, the administrative expense of the company came in at more than £2.57 million, which is 43 percent higher than the previous year. With this, the company only managed to end the year with an operating profit of £13,088 despite revenue and other income increase. In the previous year, the operating profit was £198,050.
"The company and Group had a pleasing year," the filing stated. "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."
After considering all interest, the London-based company registered a pre-tax profit of £13,243. However, it netted a profit of only £3,706 following taxes. In 2021, the net profit of the company was £196,185.
A Global Broker
The HYCM brand offers trading services with forex and contracts for differences to retail clients. The brand has a global presence and is operated by companies regulated in the United Kingdom, Cyprus, the Cayman Islands, and Dubai.
Though HYCM Capital Markets Group is the ultimate holding company of all the HYCM subsidiaries, the UK firm owns Dubai-based HYCM Capital Markets (DIFC) Limited, which offers agency and support staff services to the other group companies. The financials only portray the performance of the UK-based company and its subsidiary, and not the entire group.
