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The FCA-regulated firm’s latest report, which covers the 18-month period from July 2019 to December 2020, was characterized by improved metrics in areas ranging from operating income to revenues.
Of note, Hantec Markets changed its fiscal year period to adopt January-December as the new business year, thereby signaling an end to the July-June period used since its inception.
The move is aimed at aligning the company’s financial accounting and fiscal policies with the vast majority of its global peers. The standardization would also ensure uniformity in collection and analysis of operational data from its foreign subsidiaries.
In terms of the aggregated financial results, by the end of December 2020, Hantec Markets put together a strong year-over-year performance relative to 2019 figures, according to its latest filing with the UK’s Companies House.
Specifically, Hantec Markets witnessed a notable advance in its operating revenues, which came in at £7.88 million – this figure shows an uptick from the £3.85 million reported back in the same period a year ago.
However, considering the longer reportable period for the FY2020, the growth was less impressive. This was reflected into the administrative expenses, which nearly doubled year-on-year, coming in at £7.5 million relative to £4.25 million the year prior.
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Revenues’ climb reflected in profit
Looking at the group’s bottom line for the financial year, which factored out interest receivable and other income, Hantec Markets reported a profit of £340k compared to an operating loss of £273k for the fiscal year ending June 30, 2019. Hantec Markets earned £961k in 2018.
In addition, Hantec Markets showed net current assets in excess of £5.9 million relative to £5.6 million during the fiscal year ending June 30, 2019.
Transactions with related parties
During the period, the company received commission fees income from Hantec Markets Australia Pty Limited and Hantec Markets Limited (Mauritius) £4,771,609 and £920,549 respectively. In turn, it paid commission fees to its subsidiary Hantec Markets Limited (Jordan) £614,637.
At the period end, the UK business was owed £58,780 (2019: £105,413) by Hantec Markets Australia Pty Limited and owed £133,491 to Hantec Market Limited (Mauritius). It also owed £43,954 to Hantec Markets Limited (Jordan).
Hantec Markets is a subsidiary of Hantec Group and has been a forex trading service provider for more than two decades with offices in London, Sydney, Tokyo, Hong-Kong, Auckland, Dubai Mauritius and Lagos. At the end of 2017, Hantec acquired the retail client base of IKON Finance. In September 2017, the company signed a three-year agreement with a Premier League football club West Ham United as the official FX partner of the iconic east London team.
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