Hantec Markets Revenue Increases by 36% in FY20, Turns Profits

Instead of 12 months, the broker reported the figures for 18 months.

It was able to recover from losses and earn a profit for the term.

Hantec Markets, UK-based forex, and contracts for differences (CFDs) broker has submitted its financial statements with Companies House for the period July 2019 to December 2020, revealing a significant increase in key measures.

According to the report, the company's overall turnover for the time was about £7.9 million, which is 36% greater than the previous 18 months. The broker recorded a 12-month turnover of £3.85 million in the 2019 fiscal year. The most recent numbers were reported for 18 months because the broker's fiscal year-end was modified.

Consistent profits

Furthermore, the broker's profitability shifted from an operational deficit of £338,370 in the previous fiscal year to a profit of £478,430 in the most recent period. After deducting other revenue, costs, and taxes, the firm concluded the quarter with a net profit of £340,266.

“The group's business progressed by the board's expectations, and the results for the period and the financial condition at the period end were deemed acceptable, considering the sector's increased competition and regulation,” the firm said in the filing.

“During the time, the Group's customer counts, client deposits, and transaction volumes all climbed.” However, none of those figures were disclosed by the broker.

Furthermore, Hantec Markets said that it is not focused on growth and is exploring changes in other countries.

Aside from turnover and profitability, the firm improved its balance sheet during the last 18 months. It concluded the fiscal year with net assets of more than £5.9 million, up from £5.6 million in the previous fiscal year.