House of Borse (Noor Capital UK) Turned a Loss in FY23 as Revenue Halved

<p dir="ltr">Operating as Noor Capital UK, House of Borse Limited closed the financial year 2023 on July 31 with an annual revenue of £589,828. This figure represents a 43 percent decline from the previous year when it generated £1.03 million. Additionally, the company experienced a downturn, recording a loss of £128,449.</p><p dir="ltr">Declining Performance</p><p dir="ltr">In the fiscal year 2022, the performance of the company dropped when it reported a revenue upswing of 71 percent and a net profit of £222,323. According to the latest figures, its equity shareholders' funds declined by 14 percent to £773,200, primarily due to the loss.</p><p dir="ltr">"Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post-year-end," the latest Companies House filing stated. </p><p dir="ltr">"Management is confident in the company's current strategy and the resources at its disposal, signaling a preparedness to capitalize on available opportunities. This positive outlook suggests resilience and adaptability in the company's approach, positioning it to navigate challenges and seize potential growth prospects."</p><p dir="ltr">Despite the revenue decline, the expenses of the broker, like sales costs and administrative expenses, did not decline proportionally. It further failed to generate any income from other sources, <a href="https://www.financemagnates.com/forex/brokers/house-of-borse-ends-fy22-with-71-revenue-rise/">compared to the FY2022's £38,033</a>.</p><p dir="ltr">A Change of Ownership</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/house-of-borse/">House of Borse</a> is regulated by the UK's Financial Conduct Authority and was fully <a href="https://www.financemagnates.com/forex/uaes-noor-capital-secures-complete-ownership-in-british-broker-house-of-borse/">acquired by Noor Capital based in the United Arab Emirates</a> last March. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the trade name of House of Borse to align with its overall branding.</p><p dir="ltr">Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Prior to this, House of Borse had exclusively focused on professional clients.</p><p dir="ltr">"In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favorably to improve its future performances," the filing added. "This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations."</p>

This article was written by Arnab Shome at www.financemagnates.com.