Hirose Financial UK Ltd. has published its yearly financial results for the year ended on 31 March 2022. According to the retail forex trading services provider’s Companies House filing, the firm saw a nearly 50% drop in revenue.
The brokerage reported gross profit of £348,627 in the latest financial year, compared to £696,159, generated the previous year.
The administrative expenses of the company increased to £289,971 in FY22 from £241,387 during the previous year. The period ended with a £59,039 profit for the firm, witnessing an 87.3% drop from the previous year’s £464,915.
The filing stated:
The Company operates in a very competitive market, and also regulatory environments including the new leverage and negative balance regulations which suggest that the management will need to make every effort to comply with higher standards of regulatory requirements as well as continue to seek more efficient and effective marketing campaigns in this challenging market.
The FCA-regulated subsidiary of the Japan-based Hirose Tusyo Inc. reported that client deposits, however rose to almost £2 million as of 31 March 2022, compared to £1,026,082 during the previous year.
The company added:
The management believes that the company’s high-quality client service with transparency, honesty, fairness and readiness are key to the continued growth of the company’s growth and market share, in addition to the ongoing developments in technology.
