The
UK-based branch of Hong Kong-originated Hantec Markets released its financial
results for 2022 over the weekend, reporting a 7% increase 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.
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, up
from £5.39 million in 2021. However, the company also reported an increase
in administrative expenses by about £6.4 million 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.
Bashir Nurmohamed, the CEO of Hantec Markets Group
“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.
The
UK-based branch of Hong Kong-originated Hantec Markets released its financial
results for 2022 over the weekend, reporting a 7% increase 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.
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, up
from £5.39 million in 2021. However, the company also reported an increase
in administrative expenses by about £6.4 million 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.
Bashir Nurmohamed, the CEO of Hantec Markets Group
“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.
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- Source: https://www.financemagnates.com//forex/hantec-markets-struggles-to-turn-7-higher-revenue-into-profit-in-2022/
