Hirose UK's Profit Swells by 400% in 2023, but Turnover Mirrors 2021

<p>Hirose
Financial UK Limited, an online provider of retail forex trading services, has
seen a remarkable jump in its profit for the year ending March 31, 2023. The UK
Financial Conduct Authority-regulated firm’s profit soared by over 400% from
£59,039 to £295, 298. </p><p>Hirose UK Sees Fourfold Jump
in Profit</p><p>During the
2021/2022 fiscal year, Hirose UK’s <a href="https://www.financemagnates.com/forex/brokers/hirose-uk-remains-profitable-despite-50-fy22-revenue-drop/" target="_blank" rel="follow">profit slumped by over
87%</a> from £464,915, tallying with a similar fall
in revenue. The company’s turnover at the time sank nearly 50% from £696,159, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported.</p><p>However,
the most recent financial statement, which was published by the UK Companies
House today (Friday), shows that Hirose UK’s turnover from its business
activities in the financial year 2022/2023 more than doubled, hitting £710,084.
The figure returns the trading platform provider to a position of financial
strength last witnessed during the 2020/2021 fiscal year when <a href="https://www.financemagnates.com/forex/brokers/hirose-uk-generates-profits-for-fy21-with-solid-gain-in-revenue/" target="_blank" rel="follow">turnover ballooned by
over 200% to reach £696,159</a>. Nonetheless, the new profit level pales in
comparison to the £464,915 the business made as profit in the fiscal year 2021.</p><p>Meanwhile, despite
impressive growth in its turnover in 2023, Hirose UK’s administrative
expenses escalated by nearly 50% from approximately £290,000 to £432,468. The
company said the jump was predominantly due to an increase in salary
costs. </p><p>Hirose UK
offers round-the-clock direct
access to the global over-the-counter forex market. The firm’s trading
platforms also provide a wide array of information and analytical tools that
allow customers to identify, analyse and executive their trading
strategies. </p><p>Directors
of the British unit of the Japanese brokerage, Hirose Financial, believe
that the company has adequate resources to continue to operate in the
foreseeable future. This is even as the brokerage, which <a href="https://www.financemagnates.com/forex/brokers/brexit-forces-hirose-uk-to-shut-eea-business/" target="_blank" rel="follow">shut down its European
Economic Area operations</a> after Brexit, continues to maintain its longstanding strategy
of zooming in on the business-to-business market and acquiring more
professional clients.</p><p>“The
management believes that the company’s high-quality client service with
transparency, honesty, fairness, and readiness are key to the continued growth
of the company’s business and market share, in addition to the ongoing
developments in technology,” Hirose UK stated in the report.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.