Noor Capital UK Revenue Crashes 83% to Annual Loss

Noor Capital UK sees revenue crash 83% to £261,473 as cost of sales exceeds turnover and cash reserves halve sharply.

Key Points:

• Noor Capital UK reported turnover of just £261,473 for the year to March 2026, down 83% from £1.51 million, swinging to a post-tax loss of £297,054 from a £232,230 profit a year earlier.
• Cash at bank halved to £830,472 while the profit and loss reserve turned negative, with cost of sales exceeding the entire year’s revenue.

Noor Capital UK Revenue Crashes 83% to Annual Loss

Noor Capital UK Limited, the FCA-regulated arm of Abu Dhabi’s Noor Capital PSC, recorded turnover of £261,473 for the year to March 31, 2026, an 83% drop from £1.51 million the prior year. The sharp revenue decline pushed the company from a £232,230 profit into a post-tax loss of £297,054, according to accounts filed with Companies House.

Cost of sales reached £308,948, exceeding the entire year’s turnover and producing a gross loss of £47,455. That compares starkly with gross profit of £801,283 the year before. The accounts also record £109,027 of other operating income with no breakdown and no comparative figure, without which the operating loss would have reached £482,907 instead of the reported £373,880.

Filing Offers No Explanation for the Revenue Drop

The company’s turnover consists entirely of commissions on client trading. However, the accounts provide no breakdown of client numbers, traded volumes, or product mix. The strategic report states that results fell well below management expectations and that turnover decreased as a result of factors outlined above, yet nothing preceding that sentence identifies any such factors.

The same circular language appears later, attributing the fall in shareholders’ funds to difficult trading conditions as outlined above. Noor Capital UK had reported a profit in each of its two preceding reporting periods. This fiscal year marks the entity’s smallest annual turnover since at least the year to July 2022, when it still operated as House of Borse.

Cash Halves and Reserves Turn Negative

Cash at bank fell to £830,472 from £1,724,856 over the year. Operating activities consumed £894,384 during the period, against £443,639 generated in the prior year. The balance sheet contracted on both sides, with other creditors declining to £1,045,646 from £1,956,138 and other debtors falling to £1,060,655 from £1,553,820.

Shareholders’ funds closed at £965,695, falling below the £1 million of called-up share capital. The profit and loss reserve moved into negative territory at £34,305. The accounts record no capital injection from the Abu Dhabi parent during the year, with share capital holding steady at £1 million throughout.

UK Broker Filings Paint a Mixed Picture

Noor Capital UK’s results arrive alongside a varied set of filings from other FCA-regulated brokers. Global Markets Group Limited closed the same March 31 year end with turnover of £1.64 million against £107,122 a year earlier, cutting its net loss to £161,206 after the FCA removed its matched principal restriction in July 2025.

Swissquote’s UK unit reported a 52% wider pretax loss alongside a £5 million injection from its Swiss parent. HYCM Capital Markets swung to a £236,304 loss for the 2025 calendar year as administrative expenses more than doubled. EBC Financial’s UK arm used its own filing to allege that a former director had misappropriated funds from a company bank account.

Three Staff and a Rotating Board

The company employed three people on average during the year, two in management and one in administration. Staff costs held nearly flat at £235,109 against £234,538, and directors’ emoluments remained unchanged at £153,000.

Board turnover continued at pace. Muhd Hs Al Zoubi resigned on June 2, 2025, the same day Faisal Hassan Ibrahim Hassan Galadari joined, while Abdullah Eisa Mohamed Zamzam Al Ali received an appointment in March 2025. Companies House records ten director resignations since the company incorporated in 2014.

Operating lease commitments fell sharply to £5,555, all due within one year, from £127,761 twelve months earlier. At group level, Mohammed Younis took the permanent chief executive role at the brokerage division in January 2026 after nine months in an acting capacity.

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