Noor Capital UK (previously House of Borse Limited) reported a turnover of over £1.1 million along with a net profit of £257,320 for the period between 1 August 2023 and 31 March 2024. The financials for the eight months are as follows: The company is changing its fiscal year, which previously ended in July.

A Pivot from Loss to Profit

Although not completely comparable, the revenue for the eight months was 88 percent higher than the figure reported for the previous 12 months, which was the fiscal year 2023. The profits in the incomplete year also came after an annual loss of £128,449.

“Turnover was primarily derived from commissions on foreign exchange trading conducted by clients,” the latest Companies House filing of the company stated. “During the financial period ending March 31, 2024, the company underwent significant internal transformations, positioning it favourably for enhanced future performance. This proactive approach by management underscores a concerted effort to address business challenges and optimise overall operations.”

Furthermore, the profits increased the equity shareholders’ funds by 33 percent to more than £1 million.

A detailed look into the income statement of Noor Capital UK revealed that, although the cost of sales jumped in the eight months period to £434,501 from the previous fiscal year’s £322,359, the company managed to cut down its administrative expenses to £341,760 from £447,832. It also received £6,954 from interest income, taking the pre-tax profits to £340,145.

Noor Capital’s UK Entry

House of Borse, regulated by the UK's Financial Conduct Authority, was fully acquired by Noor Capital based in the United Arab Emirates in March 2023. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the name of House of Borse to Noor Capital UK to align with its overall branding.

Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.