HYCM UK sees Revenues up 14% in 2022, but Profits fall 98%
London based Retail FX and CFDs broker HYCM Capital Markets (UK) Limited has reported its financial results for 2022, indicating a 14% increase in Revenues but a sharp decrease in profitability, as the company operated at near breakeven for the year.
On the top line, HYCM saw Revenues of £1.89 million in 2022, up by 14% from £1.66 million the previous year. However Net Profit fell by 98% to just £3,706, versus £196,185 in 2021.
HYCM UK held £928,562 in client funds as at year-end 2022, up from £659,159 the previous year.
In early 2022 the group changed its name of its 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 made in other jurisdictions where it has regulated subsidiaries, e.g. Cyprus where it operates HYCM (Europe) Ltd. The group has gone to using the “HYCM” brand as its main retail moniker since 2016, with the Henyep Group kept for the parent company in Hong Kong.
The Henyep Group, and the HYCM brand, are controlled by Chinese businessman Sheen Charm Chiu. The UK entity is run by CEO Roger Bach.
The principal activity of the company and group remains the provision of execution only dealing services in financial derivative products relating to foreign currencies, commodities and contract for differences in London for retail clients, on behalf of a fellow group company. In return, the company receives an agency fee that represents the total income of the Company. A subsidiary company, HYCM Capital Markets (DIFC) Limited, is a limited liability company registered and incorporated in the Dubai International Financial Centre, Dubai, UAE and continues to provide agency and support staff services to a fellow group company during the year.