Zenfinex Limited, which was founded and headed by industry veteran Nick Cooke, released its annual financials for ending on November 30, 2020, giving some insights into the company’s business.
The latest Companies House filing detailed that the turnover of the retail broker for the year came in at £17,281, while it was £24,558 in the previous year. The Financial Conduct Authority-regulated broker generates revenue from spread markups, commissions, and swap premiums.
The year, however, remained crucial for the broker as its focus was to increase the infrastructure capabilities of the company. The filing highlighted that the broker made significant investments into ‘personal technology, systems, and process designs’.
Indeed, the impact of these investments can be clearly seen on the income statement. The administrative costs to the broker shot up to £514,198 from the previous year’s £39,272, which resulted in a pre-tax loss of £496,917.
Expectations Are High for 2021
Despite the revenue slump and the losses, Zenfinex is now expecting a significant increase in the trading volume in the financial year 2021. But it will continue its investments in technology and infrastructure.
Furthermore, the broker revealed that it has issued 414,475 ordinary shares at the face value of £1 to provide additional working capital. FortuneZ last year reported that the brokerage secured £5 million in a series of funding rounds.
Zenfinex considers itself as a ‘boutique brokerage’ and offers services to both retail and professional clients.
(Photo: FortuneZ, Zenfinex)
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