London based Retail FX and CFDs broker HYCM Capital Markets (UK) Limited has reported its financial results for 2023, indicating a slight 2% decrease in Revenues, but an increase in profitability after a basically breakeven year in 2022.
On the top line, HYCM UK saw Revenues of £1.85 million in 2023, down by 2% from £1.89 million the previous year. However Net Profit came in at £131K in 2023, versus just £4K the previous year.
HYCM UK held £703,391 in client funds as at year-end 2023, down from £928,562 the previous year.
In early 2022 the group changed its name of its FCA regulated entity from Henyep Capital Markets (UK) Limited to HYCM Capital Markets (UK) Limited. The name change from Henyep to HYCM was in line with similar changes the group made in other jurisdictions where it has subsidiaries. The group has gone to using the “HYCM” brand as its main retail moniker since 2016, with the Henyep Group kept for the parent company in Hong Kong.
Earlier this year HYCM was sold in a management buyout, as was reported exclusively at the time here at FNG, with Roger Bach and Stavros Lambouris, two longtime senior managers within the HYCM Group, acquiring control of the brand globally. Roger Bach has served as a Director and CEO of HYCM UK since 2005. Stavros Lambouris has been with the HYCM Group since 2007 (except for a short stint at a rival broker in 2010-2011), and has served as CEO of HYCM’s EU and international businesses, out of Cyprus, since 2014. Post acquisition, the new ownership group decided to renounce HYCM’s CySEC license in Cyprus.
The principal activity of the company and group remains the provision of execution only dealing services in financial derivative products relating to foreign currencies, commodities and contract for differences in London for retail clients, on behalf of a fellow group company. In return, the company receives an agency fee that represents the total income of the Company. A subsidiary company, HYCM Capital Markets (DIFC) Limited, is a limited liability company registered and incorporated in the Dubai International Financial Centre, Dubai, UAE and continues to provide agency and support staff services to a fellow group company during the year.
HYCM UK’s 2023 income statement and balance sheet follow below.
