Hantec Markets Profits in Fiscal Year 2020 with Turnover of £ 7.88million
UK-based Hantec Markets, a foreign exchange (FX) and contracts for difference (CFD) broker, has released its financial statements for fiscal 2020.
The latest report from the FCA-regulated company, which covers the 18-month period July 2019 to December 2020, featured improved metrics in areas ranging from operating profit to revenue.
It should be noted that Hantec Markets has changed its fiscal period to adopt January-December as the new trading year, thus marking the end of the July-June period used since its inception.
The move aims to align the company’s financial accounting and tax policies with the vast majority of its peers around the world. Standardization would also ensure uniformity in the collection and analysis of operational data from its foreign subsidiaries.
In terms of aggregate financial results, at end-December 2020, Hantec Markets had a strong year-over-year performance compared to 2019 figures, according to its latest filing with UK Companies House.
Specifically, Hantec Markets saw a notable increase in operating income, which amounted to Â£ 7.88million.
However, given the longer reporting period for fiscal 2020, the growth has been less impressive. This was reflected in administrative expenditure, which nearly doubled year on year to reach Â£ 7.5million from Â£ 4.25million the previous year.
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Increase in revenue reflected in profit
Looking at the group’s net result for the year, which excludes interest receivable and other income, Hantec Markets reported a profit of Â£ 340,000 compared to an operating loss of Â£ 273,000 for the year ended on June 30, 2019. Hantec Markets earned Â£ 961k in 2018.
In addition, Hantec Markets posted net current assets in excess of Â£ 5.9million compared to Â£ 5.6million in the fiscal year ended June 30, 2019.
Related party transactions
During the period the company received commissions from Hantec Markets Australia Pty Limited and Hantec Markets Limited (Mauritius) of Â£ 4,771,609 and Â£ 920,549 respectively. In turn, it paid commissions to its subsidiary Hantec Markets Limited (Jordan) Â£ 614,637.
At the end of the period, the UK firm owed Â£ 58,780 (2019: Â£ 105,413) to Hantec Markets Australia Pty Limited and Â£ 133,491 to Hantec Market Limited (Mauritius). She also owed Â£ 43,954 to Hantec Markets Limited (Jordan).
Hantec Markets is a subsidiary of the Hantec Group and has been a provider of forex trading services for over two decades with offices in London, Sydney, Tokyo, Hong Kong, Auckland, Dubai Mauritius and Lagos. At the end of 2017, Hantec acquired the private customers of IKON Finance. In September 2017, the company signed a three-year deal with Premier League football club West Ham United as the official FX partner of the iconic East London squad.