Hantec Markets UK reports significant revenue growth in 2023
Hantec Markets UK reports significant revenue growth in 2023
FCA-licensed broker Hantec Markets Limited has announced a 24% revenue increase for the fiscal year 2023. Despite this growth, the company recorded a small net loss due to significant IT investments.
In 2023, Hantec Markets UK generated £6.81 million in revenue, a notable rise compared to £5.51 million in 2022. However, the company reported a net loss of £55,418, down from a profit of £25,000 the previous year. The decline was primarily attributed to increased IT infrastructure spending, part of a new technological strategy aimed at boosting future profitability.
Management emphasized that the company's business developed in line with expectations and that the financial results were deemed satisfactory, especially given the growing competition and regulatory pressures within the financial services sector. The small operating loss was largely caused by a significant increase in IT expenses toward the end of the year, driven by the implementation of this new technology strategy.
Hantec Markets expressed confidence in the long-term benefits of these investments, stating that they would contribute significantly to the future profitability of the business.
The report also indicated a reduction in client funds, which dropped from £16.8 million at the end of 2022 to £9.7 million by the end of 2023. The company also reported a slight decline in total assets, which fell from £5.45 million to £5.39 million.
Despite the challenges faced in 2023, Hantec Markets remains optimistic about the future. The company's continued focus on technological advancements is expected to improve profitability and position the firm for continued growth in the highly competitive global financial services industry.
