Wed, April 17, 2024

Hirose UK’s Earnings Spike by 400% in 2023 Despite Similar Turnover as 2021

Broker News

Hirose Financial UK Limited, a digital retail forex trading service provider, has experienced an impressive surge in its annual profit for the year ending on March 31, 2023. The firm’s profit, regulated by the UK Financial Conduct Authority, escalated by more than 400%, moving from £59,039 to £295,298.

Quadrupled Profit for Hirose UK

In the fiscal stretch of 2021/2022, the profit of Hirose UK plummeted by over 87% from £464,915, coinciding with a similar dip in revenue. The firm’s turnover during this period also dived by almost 50% from £696,159.

However, the latest financial report, released by the UK Companies House today, reveals that Hirose UK’s turnover for the fiscal year of 2022/2023 has more than doubled, hitting £710,084. This turnover places the trading platform provider back in a position of financial robustness not seen since the fiscal year of 2020/2021 when the turnover skyrocketed over 200% to reach £696,159. Still, the profit level is meager compared to the £464,915 earnings of the fiscal year 2021.

In contrast, while Hirose UK’s turnover in 2023 showed impressive growth, the company’s administrative expenses surged nearly 50% from around £290,000 to £432,468. The firm attributes this increase primarily to higher salary expenses.

Hirose UK provides 24-hour direct access to the global over-the-counter forex market. The company’s trading platforms also offer various information and analytical tools that enable clients to identify, analyze and implement their trading strategies.

The directors of Hirose Financial’s British division are confident that the firm has sufficient resources to sustain its operations in the foreseeable future. This confidence persists even as the brokerage, which ceased its operations in the European Economic Area after Brexit, continues its long-term strategy of focusing on the business-to-business market and attracting more professional clients.

Hirose UK emphasized in the report: “Management believes that the future growth and market share of our business heavily relies on our commitment to providing high-quality client service characterized by transparency, honesty, fairness, and readiness, as well as technological advancements.

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