HYCM UK's Revenues Decline but Net Profit Surges in FY2023

HYCM Capital Markets (UK) Limited, HYCM's London-based retail FX and CFDs brokerage subsidiary, has disclosed its financial results for FY2023, showing a mixed financial performance. Despite a slight 2% drop in revenues, the company's profitability improved significantly compared to the previous year.

HYCM UK reported revenues of £1.85 million in 2023, down slightly from £1.89 million in 2022. However, the company reported a significant increase in net profit, reaching £131,000 in 2023, compared to £4,000 in the previous year.

In terms of client funds, HYCM UK held £703,391 at the end of 2023, down from £928,562 at the end of 2022.

A management buyout earlier this year transferred global control of HYCM to Roger Bach and Stavros Lambouris, longtime senior managers of the HYCM Group. Subsequently, the new ownership group decided to relinquish HYCM's license in Cyprus. This month, CySEC announced the withdrawal of HYCM (Europe) Ltd's CIF license.