HYCM UK Experiences Slump in Operating Profit for 2022

HYCM Capital Markets (UK) Limited (HYCM UK), the London-based subsidiary of Henyep Group​, a multi-award-winning and multi-regulated Forex and CFD provider, has generated operating profit of £13,088 for the full year of 2022, falling 93 percent compared to that of 2021 at £198,050. 

After considering interests, the pre-tax profit came in at £13,243. The after-tax net profit was only £3,706, compared to £196,185 in the prior year.

HYCM UK has achieved over £1.88 million turnover in 2022, approximately 14 percent increase from 2021.

The increase in turnover was supplemented by a one-off contribution from other income, which more than offset the increase in administrative expense, resulting in an increase in operating profit before the exchange difference.

Other operating income sources brought in £697,335 last year, compared to £5,464 in the prior year. The administrative expense stood at more than £2.57 million, rising 43 percent from the previous year. This was negatively impacted by the effect of exchange rate differences which resulted in an overall decrease in Group profit for the year.