The UK FCA regulated retail forex and CFDs broker, Hantec Markets has published its financial statements for fiscal 2017 ending on June 30, 2017, with the UK’s Companies House. During the year, the forex broker witnessed a decline in growth trend compared to the previous year which witnessed over 50 percent jump in both top line and bottom line.
The revenue during fiscal 2017 was reported at £3.8 million (USD $45.4 million), a decline of 33 percent compared to £5.4 million in 2016. In terms of operating profit, the reported metrics were much weaker with a loss at £216,666 ($305,000) during the fiscal compared to a profit of £1.05 million ($1.48 million) for the fiscal year ending June 30, 2016. The company booked a net loss of £199,754 in 2017 versus a profit of £844,860 in 2016.
According to the company’s announcement, the results are in-line with the expectation of the Board and described it as satisfactory. The Board termed the decline in both top and bottom line to the increasing competition and tightening regulatory conditions in the sector.
In the numbers reported, Hantec witnessed a 36 percent rise in client funds during the year to £28.5 million (USD $40.1 million), compared to £21.0 million last year.
Hantec Markets COO Hayel Abu Hamdan said: “While we were certainly not pleased with last year’s results, we have stuck with our strategic plan and our 2018 figures as of the end of February are substantially better both in terms of Revenue and EBIT. Our Revenue year-to-date has already exceeded total Revenues of 2017.”
Hantec Markets is a subsidiary of Hantec Group and has been a leading forex trading service provider for more than two decades with offices in London, Sydney, Tokyo, Hong-Kong, Auckland, Dubai Mauritius and Lagos. At the end of fiscal 2017, Hantec acquired the retail client base of IKON Finance that accounted a part of the growth in clients assets mentioned above. In September 2017, the company signed a three-year agreement with a Premier League football club West Ham United as new official global Fx partner of the club.