Hirose UK Generates Profits for FY21 with Solid Gain in Revenue
- The broker turned a profit of £464,915, compared to the previous year’s loss of £47,137.
Hirose Financial UK Ltd., an online provider of retail foreign exchange trading services, has published its annual financials for the year ending March 31, 2021. It reported an astronomical jump in its revenue that pulled the company out of losses into solid profits.
According to the latest Companies House filing, the broker ended the year with a total turnover of £696,159, which is up from the previous year’s £212,644. That was a 228 percent annual jump in the revenue numbers.
Hirose posted dull revenue for years, and so the latest numbers show the management's new approach in reviving the business.
Apart from the impressive revenue increase, the brokerage posted an annual profit of £464,915. This is another important achievement in an important metric as the company turned losses for several years in a row. In FY2020, it reported a net loss of £47,137.
Cost Cutting Paid Off
Moreover, Hirose’s income statement points out a dip in the administrative expenses for the year, which the broker justified due to a decrease in salaries, consultancy, legal and professional fees, and repair and maintenance costs.
One of the significant moves that might have aligned Hirose’s business towards a positive trajectory is its exit from the European Economic Area. Finance Magnates earlier reported that the British subsidiary of the Japanese broker stopped taking clients from the EEA due to the restrictions of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.
Furthermore, the broker is heavily focusing on the B2B part of its business.
“The company operates in a very competitive market, and also regulatory environments including the new leverage and Negative Balance Negative Balance In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place Read this Term regulations which suggest that the management will need to make every effort to comply with the higher standard of regulatory requirements as well as continue to seek more efficient and effective marketing in this challenging market,” the filing stated.
“The company will continue to seek more opportunities in the B2B business acquiring more professional traders.”
Hirose Financial UK Ltd., an online provider of retail foreign exchange trading services, has published its annual financials for the year ending March 31, 2021. It reported an astronomical jump in its revenue that pulled the company out of losses into solid profits.
According to the latest Companies House filing, the broker ended the year with a total turnover of £696,159, which is up from the previous year’s £212,644. That was a 228 percent annual jump in the revenue numbers.
Hirose posted dull revenue for years, and so the latest numbers show the management's new approach in reviving the business.
Apart from the impressive revenue increase, the brokerage posted an annual profit of £464,915. This is another important achievement in an important metric as the company turned losses for several years in a row. In FY2020, it reported a net loss of £47,137.
Cost Cutting Paid Off
Moreover, Hirose’s income statement points out a dip in the administrative expenses for the year, which the broker justified due to a decrease in salaries, consultancy, legal and professional fees, and repair and maintenance costs.
One of the significant moves that might have aligned Hirose’s business towards a positive trajectory is its exit from the European Economic Area. Finance Magnates earlier reported that the British subsidiary of the Japanese broker stopped taking clients from the EEA due to the restrictions of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.
Furthermore, the broker is heavily focusing on the B2B part of its business.
“The company operates in a very competitive market, and also regulatory environments including the new leverage and Negative Balance Negative Balance In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place In its most basic form, a negative balance represents an account balance in which debits exceed credits. A negative balance indicates that the account holder owes money. A negative balance on a loan indicates that the loan has not been repaid in full, while a negative bank balance indicates that the account holder has overspent.In the retail brokerage space, this phenomenon occurs when a position’s losses in an account exceeds the available margin on hand from a given trader. When a trader place Read this Term regulations which suggest that the management will need to make every effort to comply with the higher standard of regulatory requirements as well as continue to seek more efficient and effective marketing in this challenging market,” the filing stated.
“The company will continue to seek more opportunities in the B2B business acquiring more professional traders.”