In the eight months, the company generated a turnover of £1.1 million.
It also pivoted from a loss of £128,449 to a profit of £257,320.
Noor Capital UK (previously House of Borse Limited) reported a turnover of over £1.1 million along with a net profit of £257,320 for the period between 1 August 2023 and 31 March 2024. The financials for the eight months are as follows: The company is changing its fiscal year, which previously ended in July.
A Pivot from Loss to Profit
Although not completely comparable, the revenue for the eight months was 88 percent higher than the figure reported for the previous 12 months, which was the fiscal year 2023. The profits in the incomplete year also came after an annual loss of £128,449.
“Turnover was primarily derived from commissions on foreign exchange trading conducted by clients,” the latest Companies House filing of the company stated. “During the financial period ending March 31, 2024, the company underwent significant internal transformations, positioning it favourably for enhanced future performance. This proactive approach by management underscores a concerted effort to address business challenges and optimise overall operations.”
Furthermore, the profits increased the equity shareholders’ funds by 33 percent to more than £1 million.
A detailed look into the income statement of Noor Capital UK revealed that, although the cost of sales jumped in the eight months period to £434,501 from the previous fiscal year’s £322,359, the company managed to cut down its administrative expenses to £341,760 from £447,832. It also received £6,954 from interest income, taking the pre-tax profits to £340,145.
Noor Capital’s UK Entry
House of Borse, regulated by the UK's Financial Conduct Authority, was fully acquired by Noor Capital based in the United Arab Emirates in March 2023. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the name of House of Borse to Noor Capital UK 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.
Noor Capital UK (previously House of Borse Limited) reported a turnover of over £1.1 million along with a net profit of £257,320 for the period between 1 August 2023 and 31 March 2024. The financials for the eight months are as follows: The company is changing its fiscal year, which previously ended in July.
A Pivot from Loss to Profit
Although not completely comparable, the revenue for the eight months was 88 percent higher than the figure reported for the previous 12 months, which was the fiscal year 2023. The profits in the incomplete year also came after an annual loss of £128,449.
“Turnover was primarily derived from commissions on foreign exchange trading conducted by clients,” the latest Companies House filing of the company stated. “During the financial period ending March 31, 2024, the company underwent significant internal transformations, positioning it favourably for enhanced future performance. This proactive approach by management underscores a concerted effort to address business challenges and optimise overall operations.”
Furthermore, the profits increased the equity shareholders’ funds by 33 percent to more than £1 million.
A detailed look into the income statement of Noor Capital UK revealed that, although the cost of sales jumped in the eight months period to £434,501 from the previous fiscal year’s £322,359, the company managed to cut down its administrative expenses to £341,760 from £447,832. It also received £6,954 from interest income, taking the pre-tax profits to £340,145.
Noor Capital’s UK Entry
House of Borse, regulated by the UK's Financial Conduct Authority, was fully acquired by Noor Capital based in the United Arab Emirates in March 2023. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the name of House of Borse to Noor Capital UK 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.
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.
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
X Open Hub’s CEO, Michal Copiuk, on the developments of AI
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
CySEC’s Chairman, Dr George Theocharides, speaking at the iFX EXPO International 2024
FX and CFDs in Africa: Key Industry Trends | FMAS:24
FX and CFDs in Africa: Key Industry Trends | FMAS:24
As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
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As Africa joins the global financial markets, its unique economy fuels forex and CFD trading innovation. Discover growth drivers: tech advancements, regulations, and increased financial education for African traders. See how these factors enhance trading accessibility, transparency, financial inclusion, and opening new investment opportunities. Learn about the digital transformation's impact on trading –the role of technology, social platforms, and automated systems in democratizing market access.
SPEAKER: Christoforos Panagiotou, Africa Regional Manager at Fxview @Fxview
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
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Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Asset Allocation & Trading in a Lower Interest Rate Environment | FMAS:24
Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
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Traditional investment paradigms shift in a lower interest rate environment, compelling investors to reassess their asset allocation and trading strategies. This scenario prioritizes diversification beyond conventional bonds and equities. Investors should adapt by seeking assets with the potential for higher yields, considering global markets, and employing dynamic trading strategies that leverage short-term market fluctuations, all while managing risk more meticulously to safeguard returns.
SPEAKER: Roger Eskinazi, Managing Partner at Tickmill South Africa
#fmas #fmas24 #fmevents #financemagnates #fintech #technology #onlinetrading #forex #investing #investors
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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