FCA licensed Retail FX and CFDs broker Hantec Markets Limited has reported its results for 2023, showing a healthy 24% increase in Revenues, as the company continued to operate at near-breakeven for a second consecutive year.
Revenues at Hantec Markets UK came in at £6.81 million in 2023, up as noted by 24% from £5.51 million in 2022. On the bottom line, Hantec Markets UK posted a slight net loss of £55K, versus a profit of £25K the previous year.
Management noted that the company’s business developed generally in line with the board’s expectations and the results for the period and the financial position at the period end were considered satisfactory, given the increasing competition and regulation within the sector. Hantec’s small operating loss was caused by additional IT expenditure incurred towards the end of the year due to the introduction of a new technology strategy. The company said it anticipated that this investment in the development of new technologies will contribute significantly to the future profitability of the business.
The directors expect that the company’s financial results next year will return to profitability.
Hantec Markets UK saw a decline in client money held at the company in 2023, down to £9.7 million from £16.8 million as at year-end 2022.
Hantec Markets is controlled by former ODL Securities and Rosenthal Collins executive Bashir Nurmohamed. Mr. Nurmohamed established the broker in 2010 with backing from Hong Kong based Hantec Group founder Tang Yu Lap.
Hantec Markets Limited’s 2023 income statement and balance sheet follow:
