<p>House of Borse Ltd, a UK-based broker, has reported solid performance metrics of its business for the financial year 2022, ending on July 31. According to the latest Companies House filing, the company’s turnover jumped by 71 percent <a href=”https://www.financemagnates.com/institutional-forex/house-of-borse-sees-26-revenue-dip-in-fy21/” target=”_blank”>year-over-year</a> to £1.02 million. It is the second consecutive year that the broker witnessed a revenue rise.</p><p>Turnover of the broker was primarily generated from commissions earned from foreign exchange and other derivatives trading by its clients. In addition, the company highlighted that the higher turnover indicates a much-improved business performance post-Covid.</p><p>”The management continues to monitor the situation and [is] confident that the company is well-placed to further strengthen its position and that where required, management will take all necessary steps to further improve the firm’s performance,” the Companies House filing added.</p><p>A Profitable Year</p><p>Apart from the turnover, the broker’s profits surged significantly in the last financial year. It generated an operating and pre-tax profit of £274,698 compared to the previous year’s £13,565. The net profit came in at £222,323, which is 1,398 percent higher than the previous year.</p><p>Moreover, the profit pushed the equity shareholders’ fund to increase by 33 percent, from £679,326 in FY21 to £901,649 in FY22. However, the broker controlled the operating expenses, which jumped to £462,878 from £418,839 in the previous fiscal year.</p><p>The House of Borse is regulated by the UK’s <a href=”https://www.financemagnates.com/terms/f/financial-conduct-authority-fca/” target=”_blank” id=”4c85a54d-15e0-4e44-a214-8c55f71cb286_1″ class=”terms__main-term”>Financial Conduct Authority (FCA</a>), offering derivatives investment products. It focuses services only on professional clients.</p><p>The broker has been <a href=”https://www.financemagnates.com/forex/brokers/exclusive-new-fca-regulated-brokerage-house-of-borse-launches-via-stpdma-model/” target=”_blank”>operating since 2016</a> as a traditional <a href=”https://www.financemagnates.com/terms/p/prime-broker/” target=”_blank” id=”a832c760-2f0a-4b1d-9d06-3c2449c7146c_1″ class=”terms__secondary-term”>prime broker</a> and a market facilitator and aggregator, providing clients with direct market access to a wide range of bank and non-bank Liquidity providers and ECNs.</p><p>”House of Borse had another profitable year, with the firm registering a record profit for the financial year 2021/22. The management expect this trend to continue and with an appreciable increase in the client on-boarded in recent months,” the filing added.</p><p>The “Firm’s senior management is fully aware of the challenges faced by the firm and are confident in the firm’s ability to deal with these challenges. The senior management also strongly believe that the company is well placed to improve on its recent remarkable performances and are fully committed to make available all resources required to achieve that.”</p>
This article was written by Arnab Shome at www.financemagnates.com.
