NEWS
Zenfinex Limited, the FCA-regulated entity of the global forex and CFD broker Zenfinex Global Limited, reported revenues of £848K for the full year of 2023, a 72% increase from 2022’s £494K, according to its regulatory filings.
The gross profit rose significantly to £652K. However, the company faced an operating loss of £2.29 million, up from £1.87 million in the previous year, due to a 38% increase in administrative expenses, which totaled £2.94 million. Zenfinex Limited attributed the increased expenses to significant investments in personnel and infrastructure throughout 2023.
Zenfinex commented,
“The business has seen significant investment over 2023 and this will continue in 2024 with the firm receiving approval from FCA for a full scope dealing as principal broker in Q4 of 2023. This will see the business investing more capital but will also allow the business to be more versatile in onboarding both institutional clients and retail clients and driving revenue. Further to this, the board has allocated a marketing budget which will allow the business to grow its footprint in the UK further.”
In 2024, Zenfinex Limited plans to offer spread betting to further expand its UK client base.
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