The UK-based branch of Hantec Markets released its financial results for 2022 over the weekend, reporting an increase of 7% in revenue to £5.76 million. Despite the revenue growth, the company failed to maintain profitability, posting a net loss of £83,968 for the reported period.

Hantec Markets Sees Revenue Growth but Posts Net Loss

In the UK, Hantec Markets Holdings Limited is responsible for the brokerage's operations and is licensed by the FCA. The investment firm originated in Hong Kong but also has offices in Australia, Africa, South America, and the Middle East.

Over the weekend, the British arm of Hantec reported that its 2022 revenues reached £5.76 million, which is up from £5.39 million in 2021. However, the company also reported an increase in administrative expenses by about £400,000 to £5.84 million. This led to a deepening operating loss of £85,367 and a final net loss of £83,968. For comparison, Hantec Markets in the UK achieved a modest net profit of £26,873 in 2021.

As for other financial data, the broker slightly increased the value of its assets, rising from £5.98 million reported in 2021 to £6.03 million last year.

"The Group's business developed in line with the board's expectations, and the results for the period and the financial position at the period end were considered satisfactory, given the increasing competition and regulation within the sector as well as the global Covid pandemic," said Bashir Nurmohamed, the CEO of Hantec Markets Group.

"Despite the extremely challenging environment, the Group managed to maintain in line with management expectations, client numbers, client deposits, and trade volumes in the year," he added.

Hantec Markets is optimistic about future progress and believes the overall business is "well placed to make further progress during the coming year."

Hantec Hires New Head of Technology, Launches Institutional Arm

The company has informed that Michael O'Sullivan has transitioned from his position at INFINOX to Head of Technology Strategy at Hantec Markets. O'Sullivan initially joined INFINOX in January 2021, serving as the Head of Technology before eventually becoming the Chief Technology Officer.

O'Sullivan's career began at CMC Markets, where he worked for 15 years at the London-based brokerage, ultimately serving as the Head of Partnerships Operations and Delivery. He also had a one-year stint at ATFX UK as the Head of Project Management.

In preparation for the upcoming launch of Hantec Prime, a forex and CFDs trading platform aimed at institutional investors, Hantec Markets has also brought on board Lee Holmes, another former INFINOX Global executive and a past member of the Executive Management team, to serve as its Head of Institutional Sales.