FCA regulated institutional focused FX broker Hirose Financial UK Ltd has reported its financial results for FY2024 (March 31 fiscal year-end), indicating basically flat Revenues following a doubling of its Revenues in FY2023.
Hirose UK (at website hiroseuk.com) reported FY2024 Revenues of £717,430, virtually identical to 2023’s £710,084. A sizeable tax refund led to an increase in Net Profit, however, at £530,413 versus £295,298 in 2023.
Despite the slight increase in activity, Hirose UK saw client deposits fall during the year, to £587,593 as at 31.03.2024 versus £925,481 as at the end of FY2023.
The principal activity of Hirose UK is as an online provider of retail and institutional foreign exchange trading and related services. The company offers customers 24 hour direct access to the global over-the counter foreign exchange market. The company’s trading platforms provide a wide array of information and analytical tools that allow its customers to identify, analyse and execute their trading strategies efficiently and cost-effectively.
The company said it operates in a very competitive marketplace that is characterised by an evolving regulatory environment that includes new leverage and negative balance regulations. Management is working to ensure compliance with the higher standard of regulatory requirements while continuing to seek more efficient and effective ways to acquire new customers. The company will continue to focus on B2B market opportunities in order to increase the number of institutional traders using its services.
Hirose UK is the FCA regulated arm of Hirose Tusyo Inc (TYO:7185), an Osaka, Japan based Retail FX broker doing about $200 billion in monthly trading volumes.
