FX Broker Henyep Capital Markets UK Posts Poor 2019 Results
- Its revenue and profits also declined significantly in the previous year.
Henyep Capital Markets (UK) LTD, a foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and contracts for difference (CFD) broker, has published its annual financials for 2019 with the UK Companies House, showing a sharp decline in its yearly turnover and profits.
The turnover for the Group for the year came in at £1.8 million, compared to the previous year’s £2.71 million. That is a decline of 33.5 percent.
The filing detailed that the Group provides Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term only dealing services in financial derivatives products related to forex, commodities, and CFDs. Apart from its UK and European operations, the Group also has a subsidiary operating in the UAE.
“In return, the company receives an agency fee that represents the total income of the Company,” Henyep explained.
The Slow down Continues
Justifying the declining turnover, the Group detailed that it was largely an offset by a decrease in administration expanse that further resulted in a declining profit.
Indeed, the administration expenses for the year went down to £1.68 million from 2018’s £1.59 million. Despite generating £38,459 from other incomes in 2018, the Group had no such income streams last year.
“Administrative expenses were adversely impacted by the effect of the exchange rate differences and the significant fall in interest rates,” the Companies House filing added.
All this resulted in an after-tax profit of £115,224. The previous year, Henyep reported a profit of £226,764, meaning the profits declined by 49.1 percent in 2018.
Despite the poorly reported metrics, the consolidated net asset of the forex broker increased marginally. Compared to 2018’ £2.91 million in the net asset, the figure went up to £3.04 million.
The Group further pointed out the impact of strengthened regulatory scrutiny in the trading industry in its operating markets but believes that it is well-positioned to deal with them.
Henyep Capital Markets (UK) LTD, a foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and contracts for difference (CFD) broker, has published its annual financials for 2019 with the UK Companies House, showing a sharp decline in its yearly turnover and profits.
The turnover for the Group for the year came in at £1.8 million, compared to the previous year’s £2.71 million. That is a decline of 33.5 percent.
The filing detailed that the Group provides Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term only dealing services in financial derivatives products related to forex, commodities, and CFDs. Apart from its UK and European operations, the Group also has a subsidiary operating in the UAE.
“In return, the company receives an agency fee that represents the total income of the Company,” Henyep explained.
The Slow down Continues
Justifying the declining turnover, the Group detailed that it was largely an offset by a decrease in administration expanse that further resulted in a declining profit.
Indeed, the administration expenses for the year went down to £1.68 million from 2018’s £1.59 million. Despite generating £38,459 from other incomes in 2018, the Group had no such income streams last year.
“Administrative expenses were adversely impacted by the effect of the exchange rate differences and the significant fall in interest rates,” the Companies House filing added.
All this resulted in an after-tax profit of £115,224. The previous year, Henyep reported a profit of £226,764, meaning the profits declined by 49.1 percent in 2018.
Despite the poorly reported metrics, the consolidated net asset of the forex broker increased marginally. Compared to 2018’ £2.91 million in the net asset, the figure went up to £3.04 million.
The Group further pointed out the impact of strengthened regulatory scrutiny in the trading industry in its operating markets but believes that it is well-positioned to deal with them.