HYCM UK Limited Reports Mixed Financial Performance for 2023

London-based retail FX and CFDs broker HYCM Capital Markets (UK) Limited has disclosed its financial results for the fiscal year 2023, showing a nuanced financial picture. Despite a slight 2% decline in revenues, the company saw a significant improvement in profitability compared to the previous year​.

According to the report, HYCM UK generated revenues amounting to £1.85 million in 2023, down marginally from £1.89 million in 2022. However, the company reported a notable increase in net profit, reaching £131,000 in 2023 compared to just £4,000 in the previous year.

In terms of client funds, HYCM UK held £703,391 at the end of 2023, marking a decrease from £928,562 recorded at the close of 2022.

Earlier developments included a name change in early 2022, where the company rebranded its FCA regulated entity from Henyep Capital Markets (UK) Limited to HYCM Capital Markets (UK) Limited, aligning with similar changes across other jurisdictions. The transition to the "HYCM" brand has been ongoing since 2016, distinguishing its retail operations from the parent company, Henyep Group, based in Hong Kong.

Moreover, a management buyout earlier in the year transferred control of HYCM globally to Roger Bach and Stavros Lambouris, long-time senior managers within the HYCM Group. Bach, who has been CEO of HYCM UK since 2005, and Lambouris, overseeing HYCM's EU and international businesses, led the acquisition. Subsequently, the new ownership group decided to relinquish HYCM's CySEC license in Cyprus​.