HYCM UK’s 2022 revenue up 14% but profits drop

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/06/HYCM.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><p>However, operating profit plummeted 93% to £13,088 despite the revenue gain from 2021’s £198,050. The drop in profit can be traced in the 75.7% rise in administrative expenses which reached £2.57 million, compared to £1.46 million in 2021.</p>
<p>HYCM UK registered pre-tax profit of £13,243 in 2022 and £3,706 after taxes, compared to £196,185 net profit the previous year.</p>
<p>The Companies House filing said:</p>
<blockquote><p>The company and Group had a pleasing year. The increase in turnover was supplemented by a one-off contribution from other income, which more than offset the increase in administrative expense, resulting in an increase in operating profit before the exchange difference. Administrative expenses were negatively impacted by the effect of exchange rate differences which resulted in an overall decrease in Group profit for the year.</p></blockquote>
<p>Earlier in May, <a href="https://www.leaprate.com/tag/hycm/">HYCM</a> introduced <a href="https://www.leaprate.com/forex/brokers/hycm-announces-commission-free-investing-in-stocks/" target="_blank" rel="noopener">commission-free investing</a> in stocks on its MT5 platform with more than 1000 stocks at 1:1 leverage, allowing investors to buy fractional shares for as low as $10.</p>
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