While experiencing a 7% surge in revenue, reaching £5.76 million in 2022, Hantec Markets’ UK division could not convert this increase into profits, revealing a net deficit of £83,968. Hantec Markets Holdings Limited, based in the UK and licensed by the FCA, conducts the brokerage’s operations and is originally from Hong Kong but has offices across Australia, Africa, South America, and the Middle East.
During the weekend, Hantec’s UK branch announced an upswing in its 2022 revenues from £5.39 million in 2021 to £5.76 million. However, an increase in administrative expenses by approximately £400,000, reaching £5.84 million, led to an operating loss of £85,367 and a final net loss of £83,968. It contrasts with 2021 when the UK’s Hantec Markets made a modest net profit of £26,873.
Other financial details reveal a slight increase in the broker’s assets value, from £5.98 million in 2021 to £6.03 million last year. The CEO of Hantec Markets Group, Bashir Nurmohamed, stated that the company’s performance and financial position at the end of the year were satisfactory, considering the increased competition, industry regulation, and the global Covid pandemic. He added that despite the challenging circumstances, the Group kept client numbers, deposits, and trading volumes consistent with management expectations during the year.
Hantec Markets expresses confidence regarding future advancements and claims the business is positioned well for further progress in the upcoming year.
Technology Leadership Change at Hantec, Institutional Division to be Introduced
The company announced Michael O’Sullivan’s transition from INFINOX to Hantec Markets as the Head of Technology Strategy. Before becoming the Chief Technology Officer at INFINOX, O’Sullivan worked as the Head of Technology, starting in January 2021.
O’Sullivan’s career took off at CMC Markets, where he spent 15 years and eventually became the Head of Partnerships Operations and Delivery, following a one-year tenure at ATFX UK as the Project Management Head.
As Hantec Markets gets ready for the launch of Hantec Prime, a forex and CFDs trading platform targeting institutional investors, it has also recruited Lee Holmes, an ex-executive at INFINOX Global and former Executive Management team member, to be the Head of Institutional Sales.