Hantec Markets Sees 36% Increase in FY20 Revenue

Hantec Markets, a UK-headquartered forex and contracts for differences (CFDs) broker, has filed its financial statement from July 2019 to December 2020 with Companies House, reporting a strong jump in key metrics.

According to the filing, the total turnover of the company for the period came in at almost £7.9 million, which is 36 percent higher than the previous 18 months. In the 2019 fiscal year, the broker reported a turnover of £3.85 million for 12 months. The latest figures were filed for 18 months as the broker changed its fiscal year-end.

Additionally, the profitability of the broker pivoted from an operating loss of £338,370 from the previous fiscal year to the profitability of £478,430 in the latest period. After the consideration of other incomes, expenses and taxes, the company ended the period with £340,266 in net profit.

"The group's business developed 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," the company stated in the filing.

"The Group's client numbers, client deposits and trade volumes all increased in the period." However, the broker did not disclose any of those numbers.

Moreover, Hantec Markets added that it is not focusing on expansion and is looking for opportunities overseas.