Hirose Financial UK, the UK arm of Hirose Group , saw its net loss shrink to £477,500 in fiscal year (FY), ended 31 March, 2016, from £831,000 a year earlier, according to an annual financial report filed on Monday with the UK’s trade register Companies House. Meanwhile, the broker’s turnover jumped 126% to £928,000 in FY 2016.
During the period under review, Hirose’s UK subsidiary reported higher administrative expanses, mainly affected by the greater advertsing costs.
“Hirose UK again experienced varying degrees of growth throughout the year and this was reflected in a range of growth rates across the company,” the company said in the report, adding that it is offering white label solutions to two partners, but is seeking to expand its business.
The broker’s assets totaled £671,370 at the end of March 2016, posting an increase from £548,880 at the end of the previous financial year.
In April 2016, shortly after the end of the reproting period, the broker enhanced its offering with new technical charts and released a new trading platform, LION Binary-Pro, which could positively affect its metrics for the current financial year.
The broker is regulated by the UK Financial Conduct Authority (FCA) and by the UK Gambling commission (for binary options trading).
The companies that comprise Japan’s Hirose Group generage a combined monthly trading volume of $200 billion. The holding company Hirose Tusyo Inc (TYO:7185) does business as Hirose FX. It was set up in 2004 in Osaka and operates units in Hong Kong, Malaysia, and the UK.