Hirose Financial UK Ltd., an online provider of retail foreign exchange trading services, has published its annual financials for the year ending March 31, 2021. It reported an astronomical jump in its revenue that pulled the company out of losses into solid profits.
According to the latest Companies House filing, the broker ended the year with a total turnover of £696,159, which is up from the previous year’s £212,644. That was a 228 percent annual jump in the revenue numbers.
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Hirose posted dull revenue for years, and so the latest numbers show the management’s new approach in reviving the business.
Apart from the impressive revenue increase, the brokerage posted an annual profit of £464,915. This is another important achievement in an important metric as the company turned losses for several years in a row. In FY2020, it reported a net loss of £47,137.
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Cost Cutting Paid Off
Moreover, Hirose’s income statement points out a dip in the administrative expenses for the year, which the broker justified due to a decrease in salaries, consultancy, legal and professional fees, and repair and maintenance costs.
One of the significant moves that might have aligned Hirose’s business towards a positive trajectory is its exit from the European Economic Area. Finance Magnates earlier reported that the British subsidiary of the Japanese broker stopped taking clients from the EEA due to the restrictions of Brexit.