Naga Markets welcomed Juan Enrique Cadiñanos Moriano as the Head of Europe and Education during what is shaping up to be one of the busiest weeks for executive transitions. Moriano joined the company from a freelance position he held for more than five years in Madrid, Spain.

He is a seasoned industry executive, having previously worked for notable brands in the forex and CFD space. For eight years, he held various roles at Admiral Markets Group based in Madrid, including serving as the Country Manager.

“I am very happy to announce that I have started a new position as Head of Europe and Education for Naga Markets. Special thanks to Octavian Pătrașcu, Madalina Rotaru, Andrei Betiu and Horia Pacurar,” he commented in a LinkedIn post today (Thursday).

A Seasoned Industry Expert

Last year, Naga brought in another Admirals expert to its executive team. The company appointed Eugene Danishkin as the Head of B2B, marking his career shift after three years at Admirals.

According to his career profile, Danishkin worked as the Head of Partnership and Business Development at Admirals. He was reportedly in charge of global B2B sales and acted as Product Owner for B2B operations, trading incentives, and copy trading/asset management products.

His responsibilities included managing cross-functional teams and overseeing social media marketing initiatives.

Financial Performance

Meanwhile, Naga achieved strong financial performance last year despite a substantial revenue decline, a notable net loss, and 40% staff cuts in the previous year. The firm's consolidated statement of comprehensive income highlighted that revenues dropped 32% from €57.6 million reported in 2022 to €39.7 million in 2023.

“The traded volume amounted to 143 billion euros (previous year: 137 billion euros). The number of active users at the end of the year was over 21,000 (previous year: 18,700). As a result, all metrics per user showed a strong upward trend with higher average activity, portfolio size, and lifetime value,” Naga noted in the financial report.