Zenfinex, a London-headquartered broker, published its financials for the year ending in December 2021, reporting revenue of £238,756. It was reported for 13 months as the broker changed its reporting period to match the calendar year. According to the Companies House filing, the revenue of the broker jumped by 1,281 percent when compared to only £17,281 generated in the previous financial year. “As our results show, 2021 was a year where the business returned minimal revenue, but investment levels remained high,” the company stated in the Companies House filing. Rising Costs The administrative cost to the company skyrocketed to more than £2 million from merely £514,198 in the previous year. It ended the 2021 financial year with a loss of £1.7 million, compared to the previous year’s loss of £496,197. “The business sees a long-term future in the UK and as such has invested in people and infrastructure to support future growth; and this has seen the business increase its losses for the year,” the filing added. Indeed, the company made a few key hires last year that including the onboarding of Matthew Wright as the Chief Executive Officer. Earlier this year, the company added Michel Chabbouh as MENA CEO and Jeffrey Navarro as LATAM Head. The company also issued 2,917,630 ordinary shares with a face value of £1 last financial year. It issued 414,475 such ordinary shares in the previous year. Zenfinex describes itself as a “boutique brokerage,” offering trading services with forex and CFDs of other asset classes. It is now expanding internationally, gaining a Seychelles license earlier this year with UAE approval in the pipeline.
This article was written by Arnab Shome at www.financemagnates.com.
