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.
Zenfinex Posts Net Loss for Another Year in 2022
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 in 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 exacerbated its loss. As reported by Finance Magnates, the broker lost nearly £500,000 in 2020.
It's worth recalling that Zenfinex announced its rebranding to Taurex in September, shifting its focus more toward 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
As part of its rebranding initiative, Zenfinex announced some changes to its C-level leadership. Matthew Wright, who had been serving as the CEO, departed to join Exinity as the COO. Simultaneously, as part of the company's ongoing expansion efforts, Volkan Ozugur was appointed as the new CTO. On top of that, Nick Cooke, the Founder of Zenfinex, took over Wright's position at the company's helm, deciding to steer its development after the rebranding.
Furthermore, 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.
