London-based
broker Zenfinex, currently known as Taurex, has reported a consecutive annual
net financial loss despite an increase in revenue. The report for the year 2022
shows a loss of nearly £1.9 million, with revenues just under £400,000.
Public data
available in the UK’s Companies House register revealed that Zenfinex Limited
increased its revenue from £238,756 to £397,747. Despite this revenue jump,
administrative expenses rose significantly, leading to a deepened operating
loss. The final net loss amounted to £1.87 million, compared to £1.78 million
reported the previous year.
Examining
the cost structure, we see that wages and salaries more than doubled, rising
from £462,406 in 2021 to over £1 million in 2022. This marks another year in
which Zenfinex has deepened its loss. As reported by Finance Magnates,
the broker lost nearly £500,000 in 2020.
It’s worth
remembering that Zenfinex announced its rebranding to Taurex in September,
shifting its focus more towards proprietary technology.
“The
Taurex brand embodies our legacy of trading expertise while signaling our
commitment to bring robust trading solutions to our clients. In an era where
technology and trading are becoming increasingly intertwined, our aim is to
continue to center people,” explained Nick Cooke, the Founder of Taurex.
Changes in CTO and CEO
Positions
Simultaneous
with the rebranding, Zenfinex also announced changes in C-level positions.
Among others, Matthew Wright, who served as CEO, departed to join Exinity as
COO. As part of ongoing expansion, the company appointed a new CTO, Volkan
Ozugur.
Nick Cooke,
the Founder of Zenfinex, took over Wright’s position at the company’s helm,
deciding to steer its development after the rebranding.
Additionally,
the broker announced in May that it was opening its second office in LATAM,
located near Mexico’s stock exchange in the heart of Mexico City.
London-based
broker Zenfinex, currently known as Taurex, has reported a consecutive annual
net financial loss despite an increase in revenue. The report for the year 2022
shows a loss of nearly £1.9 million, with revenues just under £400,000.
Public data
available in the UK’s Companies House register revealed that Zenfinex Limited
increased its revenue from £238,756 to £397,747. Despite this revenue jump,
administrative expenses rose significantly, leading to a deepened operating
loss. The final net loss amounted to £1.87 million, compared to £1.78 million
reported the previous year.
Examining
the cost structure, we see that wages and salaries more than doubled, rising
from £462,406 in 2021 to over £1 million in 2022. This marks another year in
which Zenfinex has deepened its loss. As reported by Finance Magnates,
the broker lost nearly £500,000 in 2020.
It’s worth
remembering that Zenfinex announced its rebranding to Taurex in September,
shifting its focus more towards proprietary technology.
“The
Taurex brand embodies our legacy of trading expertise while signaling our
commitment to bring robust trading solutions to our clients. In an era where
technology and trading are becoming increasingly intertwined, our aim is to
continue to center people,” explained Nick Cooke, the Founder of Taurex.
Changes in CTO and CEO
Positions
Simultaneous
with the rebranding, Zenfinex also announced changes in C-level positions.
Among others, Matthew Wright, who served as CEO, departed to join Exinity as
COO. As part of ongoing expansion, the company appointed a new CTO, Volkan
Ozugur.
Nick Cooke,
the Founder of Zenfinex, took over Wright’s position at the company’s helm,
deciding to steer its development after the rebranding.
Additionally,
the broker announced in May that it was opening its second office in LATAM,
located near Mexico’s stock exchange in the heart of Mexico City.
