Hirose UK Registers 400.2% Increase in Profit in FY23

Hirose Financial UK Ltd. (Hirose UK), an online provider of retail foreign exchange trading services, has announced its financial results for the fiscal year ending on March 31, 2023 (FY23). The company reported a remarkable revenue growth of 103.7%, bouncing back from the previous year's decline.

More specifically, the company's profit for the year reached £295, 298, soaring 400.2% compared to £59,039 in the prior fiscal year, whereas still far form the level of FY21​ with profits of £464,915.

The UK-based broker recorded a turnover of £710,084, a significant increase of 103.7% compared to £348,627 in the prior year and a slight increase compared to FY2021's £696,159.

However, its administrative expenses rose by 49.1% from £290,000 to £432,468, mainly due to the growth of salary costs.

Clients deposits decreased from £1,995,914 at the end of FY22 to £925,481 at the end of FY23, reflecting a decrease of 53.6% on a YoY basis.

Hirose UK, a subsidiary of the Japanese FX company Hirose Financial, ceased accepting clients from the European Economic Area (EEA)​ in 2020 following the implementation of Brexit.