Roger Bach and Stavros Lambouris acquired control of the Dubai unit of CFDs broker HYCM in a management buyout at the beginning of 2024 for £1.4 million, which was equal to the company’s net assets at the time of sale, according to the latest Companies House filing of the UK unit of HYCM.
The sale of the Dubai unit came when the management duo gained control of the entire HYCM Group on 1 January 2024. However, Lambouris took complete control of the company following Bach’s retirement in September 2024.
Performance Remains Strong
“The [ownership] changes have no material impact on the Company, with the Business Plan and activities remaining the same,” the filing by HYCM Capital Markets (UK) Limited stated. “The Company and Group had a satisfactory year.”
Indeed, the Financial Conduct Authority-regulated unit generated annual revenue of £951K in 2024, down from the previous year’s £1.07 million. However, it ended the year with a net profit of £1.25 million, compared to the previous year’s £62K — a jump driven by a fair value gain of £972K.
Furthermore, the company managed to increase its total assets to £3.65 million from £2.4 million. It also pointed out that the return on net assets fluctuated due to exchange differences and stood at 34.2 per cent for 2024, compared to 2.6 per cent in the previous year. The increase was attributed to the gain on sale of its Dubai-based subsidiary, HYCM Limited.
No More Service in Europe
Last year, the Cypriot unit of HYCM voluntarily renounced its licence and ceased to accept clients based in the European Union. Now, the HYCM brand is operated by the UK entity, and HYCM Limited is licensed in Dubai.
“The Board believes that there continues to be an increasing interest in trading CFDs across our main geographies and is confident that HYCM is well placed to continue building on this trend to grow the business in 2025,” the filing stated.
Roger Bach and Stavros Lambouris acquired control of the Dubai unit of CFDs broker HYCM in a management buyout at the beginning of 2024 for £1.4 million, which was equal to the company’s net assets at the time of sale, according to the latest Companies House filing of the UK unit of HYCM.
The sale of the Dubai unit came when the management duo gained control of the entire HYCM Group on 1 January 2024. However, Lambouris took complete control of the company following Bach’s retirement in September 2024.
Performance Remains Strong
“The [ownership] changes have no material impact on the Company, with the Business Plan and activities remaining the same,” the filing by HYCM Capital Markets (UK) Limited stated. “The Company and Group had a satisfactory year.”
Indeed, the Financial Conduct Authority-regulated unit generated annual revenue of £951K in 2024, down from the previous year’s £1.07 million. However, it ended the year with a net profit of £1.25 million, compared to the previous year’s £62K — a jump driven by a fair value gain of £972K.
Furthermore, the company managed to increase its total assets to £3.65 million from £2.4 million. It also pointed out that the return on net assets fluctuated due to exchange differences and stood at 34.2 per cent for 2024, compared to 2.6 per cent in the previous year. The increase was attributed to the gain on sale of its Dubai-based subsidiary, HYCM Limited.
No More Service in Europe
Last year, the Cypriot unit of HYCM voluntarily renounced its licence and ceased to accept clients based in the European Union. Now, the HYCM brand is operated by the UK entity, and HYCM Limited is licensed in Dubai.
“The Board believes that there continues to be an increasing interest in trading CFDs across our main geographies and is confident that HYCM is well placed to continue building on this trend to grow the business in 2025,” the filing stated.
This post is originally published on FINANCEMAGNATES.
