London-based Retail FX and CFDs firm HYCM Capital Markets (UK) Limited has announced its financial results for 2023, indicating a slight 2% decline in Revenue, but an increase in profitability after an essentially dead year in 2022 .
On the front line, HYCM UK saw revenue of £1.85m in 2023, down 2% from £1.89m the previous year. However, Net Profit was £131,000 in 2023, up from just £4,000 the previous year.
HYCM UK held £703,391 in client funds at the end of 2023, up from £928,562 the previous year.
In early 2022, the group changed the name of the FCA regulated entity from Henyep Capital Markets (UK) Limited to HYCM Capital Markets (UK) Limited. The name change from Henyep to HYCM was in line with similar changes the group has made in other jurisdictions where it has subsidiaries. The group has been using the ‘HYCM’ brand as the primary retail name since 2016, with the Henyep Group retained for the parent company in Hong Kong.
Earlier this year, HYCM was sold in a management buyout, as exclusively reported at the time here on FNG, with Roger Bach and Stavros Lambouris, two long-time senior executives at HYCM Group, gaining control of the brand globally. Roger Bach has served as Director and CEO of HYCM UK since 2005. Stavros Lambouris has been with HYCM Group since 2007 (apart from a brief stint at a rival stockbroker in 2010-2011) and has served as EU and HYCM CEO. international operations, outside Cyprus, since 2014. After the acquisition, the new ownership group decided to renounce HYCM’s CySEC license in Cyprus.
The main business of the company and group remains the provision of trade-only execution services in financial derivatives related to foreign currencies, commodities and contracts for differences in London for retail clients, on behalf of a fellow group company. In return, the company receives an agency fee representing the total income of the Company. A subsidiary company, HYCM Capital Markets (DIFC) Limited, is a limited liability company registered and incorporated in Dubai International Financial Centre, Dubai, United Arab Emirates and continues to provide agency and support staff services to a group company colleague during the year.
HYCM UK’s income statement and balance sheet for 2023 follow below.
