Hirose Financial UK Ltd has released its annual financial records, which indicate a massive leap in profit compared to last year’s result.
The company says it recorded a £47,137 loss the previous year, but it generated £464,915 profit this year, according to the report.
The online foreign exchange service provider had a total turnover of £696,159, which is higher than the previous year’s number of £212,600, indicating an impressive 228% leap in revenue.
An improvement on all fronts
For many years, Hirose hasn’t been able to hit it big when it comes to yearly revenues, but this financial year has been a turning point for the firm.
The latest numbers are also a result of the management’s new approach to keep the business floating.
The company also improved in other financial indices, after remaining stagnant in several indices for several years.
The positive impact of cost-cutting
Hirose has been serious about reducing its expenses to pave way for breakeven. Its income statement revealed a massive reduction in administrative expenses. The broker carried out this plan through a decrease in maintenance cost, repairs, professional fees, consultancy, and a reduction in salaries.
Hirose says despite the reduction of expenses and cutting down costs, it still maintains its full operational services to all its users.
One of the major triggers of such a performance could be its exit from the European Economic Area.
When Brexit was concluded, the British subsidiary of the firm stopped accepting clients from the EEC because of the restrictions placed post-Brexit. This has allowed it to concentrate most of its resources and reduce management expenses.
Additionally, the broker recently started focusing on the B2B section of its business, which has also attracted new customers.
A positive result the company dearly needs
The company stated that the market is a very competitive one. The regulatory requirements such as the negative balance and new leverage regulations have also forced the firm to take some key decisions in its operations.
It has forced the firm to take the necessary steps to meet the highest standard of regulatory requirements. Hirose says it has continued to look for more effective ways of marketing and making its services reach more customers and users.
The filling noted that its activities for the past months are now yielding the positive results the firm dearly needs. The firm says it will continue to expand its operations in the B2B area to gain more users.