HYCM reports marginal profit in 2022 despite revenue boost
The UK business of multi-regulated FX brokerage firm HYCM reported its financial results for the fiscal year ending December 31, 2022. The multi-asset platform, trading in the UK as HYCM Capital Markets (UK) Limited, revealed mixed performance in a couple of key areas over a yearly basis.
HYCM UK’s 2022 revenues rose 14 percent year-over-year, to £1.88 million compared to £1.65 million for the fiscal year 2021. Further, other operating income totaled £697K, which is way above the £5K figure it booked in the prior year.
However, higher revenues were offset by a surge in operating expenses which rose sizably by more than 76 percent to £2.57 million from £1.46 million in 2021. As a result, HYCM hardly broke even as the net profit dropped sharply to merely £3,706 from £196,185 the previous year.
Commenting on the results, HYCM said in a corporate filing with the UK Companies House that it experienced a satisfactory year, characterized by a rise in turnover. Additionally, a one-time contribution from other income helped counterbalance the increase in administrative expenses, leading to an overall growth in operating profit before considering exchange rate differences. However, the company’s administrative expenses were adversely affected by fluctuations in exchange rates, which ultimately resulted in a decrease in the group’s profit for the year.
HYCM is the global brand name of HYCM Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Capital Markets (DIFC) Ltd and HYCM Limited, all individual entities under HYCM Capital Markets Group, a global corporation operating in Asia, Europe, and the Middle East.
Earlier in April, the company launched a mobile application version of its proprietary trading platform, HYCM Trader.
With a streamlined design, HYCM app is easy for novice investors to use, and powerful enough for experienced traders. Investors can open an account in minutes and start trading a wide range of financial markets directly within the app. It offers a wide range of instruments to trade including forex, commodities, metals, stocks, indices, and cryptocurrencies (depending on jurisdiction).
Investors trading with HYCM Trader not only benefit from the company’s global brokerage expertise, but also full functionality and unparalleled market access in an easy-to-use format from any device and any location. Backed by HYCM resources, the mobile application includes an integrated real-time support helping users to navigate their day-to-day operations.
