House of Borse Sees 26% Revenue Dip in FY21November 11, 2021
House of Borse Limited, a UK-based institution-focused brokerage, has published financials for the 2021 fiscal, ending on July 31, reporting yet another year with sliding revenue and profits. The total turnover of the company declined by 26 percent from the previous year to £593,961.
The broker generates its revenue primarily from the commission levied on each trade of its clients. “The decrease in turnover when compared to last year confirms that the firm has performed well despite some very challenging market conditions,” the broker stated in the latest Companies House filing.
“The management continues to monitor the situation and are 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.”
However, the broker managed to drastically cut its sales cost that resulted in gross profit higher than the previous year. The gross profit for the period came in at £367,534, compared to FY2020’s £272,251.
But, the pre-tax profit for the year plunged to £14,839 as the broker did not generate any ‘exceptional income’ in the period. For comparison, House of Borse brought in £250,000 in ‘exceptional income’ in FY2020, helping it to close that year with a pre-tax profit of £76,772.
Operating since 2016 with a Financial Conduct Authority (FCA) license in the United Kingdom, House of Borse runs as a matched principal intermediary for a range of investment types, focusing primarily on institutional and professional clients.
The services of the broker include core service as traditional prime brokers, and as a market facilitator and aggregator, providing clients with direct market access to a wide range of bank and non-bank liquidity providers and ECNs.
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