House of Borse Limited, now operating under the trader name Noor Capital UK, closed the financial year 2023, which ended on July 31, with an annual revenue of £589,828, a 43 percent decline from the previous year when it generated £1.03 million. The company also sank to a loss of £128,449.
The performance of the company dropped after a year (FY2022) when it reported a revenue rise of 71 percent and a net profit of £222,323. According to the latest figures, its equity shareholders’ funds declined by 14 percent to £773,200, primarily due to the loss.
“Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post-year-end,” the latest Companies House filing stated.
“Management is confident in the company’s current strategy and the resources at its disposal, signaling a preparedness to capitalize on available opportunities. This positive outlook suggests resilience and adaptability in the company’s approach, positioning it to navigate challenges and seize potential growth prospects.”
Despite the revenue decline, the expenses of the broker, like sales costs and administrative expenses, did not decline proportionally. It further failed to generate any income from other sources, compared to the FY2022’s £38,033.
FY23 profit and loss statement of House of Borse
A Change of Ownership
House of Brose is regulated by the UK’s Financial Conduct Authority and was fully acquired by United Arab Emirates-based Noor Capital last March. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the trade name of House of Borse to align with its overall branding.
Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Previously, House of Borse only focused on professional clients.
“In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favorably to improve its future performances,” the filing added. “This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations.”
House of Borse Limited, now operating under the trader name Noor Capital UK, closed the financial year 2023, which ended on July 31, with an annual revenue of £589,828, a 43 percent decline from the previous year when it generated £1.03 million. The company also sank to a loss of £128,449.
The performance of the company dropped after a year (FY2022) when it reported a revenue rise of 71 percent and a net profit of £222,323. According to the latest figures, its equity shareholders’ funds declined by 14 percent to £773,200, primarily due to the loss.
“Despite the company incurring a loss for the fiscal year ending on July 31, 2023, there has been a noteworthy improvement in performance post-year-end,” the latest Companies House filing stated.
“Management is confident in the company’s current strategy and the resources at its disposal, signaling a preparedness to capitalize on available opportunities. This positive outlook suggests resilience and adaptability in the company’s approach, positioning it to navigate challenges and seize potential growth prospects.”
Despite the revenue decline, the expenses of the broker, like sales costs and administrative expenses, did not decline proportionally. It further failed to generate any income from other sources, compared to the FY2022’s £38,033.
FY23 profit and loss statement of House of Borse
A Change of Ownership
House of Brose is regulated by the UK’s Financial Conduct Authority and was fully acquired by United Arab Emirates-based Noor Capital last March. The acquisition paved the way for Noor Capital to enter the UK market. The new owner also changed the trade name of House of Borse to align with its overall branding.
Under the Noor Capital UK brand, the broker targets retail and professional investors with forex and contracts for differences (CFDs) instruments. Previously, House of Borse only focused on professional clients.
“In the financial year concluding on July 31, 2023, the company underwent significant internal transformations. These changes have positioned the company favorably to improve its future performances,” the filing added. “This proactive approach by the management reflects a concerted effort to effectively address the challenges faced by the business and to improve its overall operations.”
