HCYM Capital Markets (UK) Limited, the British entity of the larger Henyep Group, published its annual financials for 2021, which ended on December 31. The broker reported an impressive profit of £196,185 compared to a loss of £65,826 in the previous year.

After considering currency translation differences, the total comprehensive income of the broker for the year came in at £206,705. It was significantly higher than 2020’s loss of £99,080.

The strong income was achieved for a year when the brokerage saw a slight revenue decline to £1.65 million from the previous year’s £1.73 million. It was a year-over-year slide of around 4 percent.

Impact of Lower Administrative Expense

“The Company and Group had a pleasing year,” the Company stated in the latest Companies House filing stated. “The small decrease in turnover was more than fully offset by a significant decrease in administrative expense, resulting in an operating profit.”

Indeed, the administrative expense dropped from £1.78 million in 2020 to £1.46 million in 2021. “Administrative expenses were positively impacted by the effect of exchange rate differences and the fall in the turnover of employees in the Group,” the filing added.

HCYM Capital Markets (UK) Limited, which was previously known as Henyep Capital Markets (UK) Limited, provides  execution  only dealing services with  forex  and contracts for differences (CFDs) to retail clients in the United Kingdom. It offers the services on behalf of other sister companies and receives a subsidiary fee in return.

Furthermore, the UK entity is the parent of a Dubai-based entity, which is incorporated in the Dubai International Financial Center and provides agency and support staff services to other group companies.

HCYM Capital Markets (UK) Limited, the British entity of the larger Henyep Group, published its annual financials for 2021, which ended on December 31. The broker reported an impressive profit of £196,185 compared to a loss of £65,826 in the previous year.

After considering currency translation differences, the total comprehensive income of the broker for the year came in at £206,705. It was significantly higher than 2020’s loss of £99,080.

The strong income was achieved for a year when the brokerage saw a slight revenue decline to £1.65 million from the previous year’s £1.73 million. It was a year-over-year slide of around 4 percent.

Impact of Lower Administrative Expense

“The Company and Group had a pleasing year,” the Company stated in the latest Companies House filing stated. “The small decrease in turnover was more than fully offset by a significant decrease in administrative expense, resulting in an operating profit.”

Indeed, the administrative expense dropped from £1.78 million in 2020 to £1.46 million in 2021. “Administrative expenses were positively impacted by the effect of exchange rate differences and the fall in the turnover of employees in the Group,” the filing added.

HCYM Capital Markets (UK) Limited, which was previously known as Henyep Capital Markets (UK) Limited, provides  execution  only dealing services with  forex  and contracts for differences (CFDs) to retail clients in the United Kingdom. It offers the services on behalf of other sister companies and receives a subsidiary fee in return.

Furthermore, the UK entity is the parent of a Dubai-based entity, which is incorporated in the Dubai International Financial Center and provides agency and support staff services to other group companies.