Zenfinex, a London-based broker now known as Taurex, has reported a consecutive annual net financial loss, despite increased revenues. The 2022 report showed a loss of nearly £1.9 million, with revenues of just under £400,000 million.
Publicly available data from the UK's Companies House register showed that Zenfinex Limited increased its revenues from £238,756 to £397,747. Despite the increase in revenue, administrative expenses rose sharply, leading to a deepening of operating loss. The final net loss amounted to £1.87 million, compared to a net loss of £1.78 million in the previous year.
In terms of cost structure, wages and salaries more than doubled from £462,406 in 2021 to over £1 million in 2022. This marks another year of mounting losses for Zenfinex. The broker lost nearly £500,000 in 2020.
In September, Zenfinex announced that it was changing its name to Taurex, shifting its focus more toward proprietary technology.
In May, the broker announced it would open its second office in LATAM, located near Mexico's stock exchange in the heart of Mexico City.
(Source: Finance Magnates)