UK Broker Zenfinex Invests Heavily in Tech and Infrastructure in FY20
- The administrative costs of the company shot up to £514,198.
Zenfinex Limited, which was founded and headed by industry veteran, Nick Cooke, released its annual financials 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.
However, the year 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. Finance Magnates reported last year 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. In an interview with Finance Magnates earlier this year, Cooke revealed that the broker has plans to expand its territories in Asia and the Middle East. It already has five offices and applied for licenses in multiple jurisdictions.
“Once the necessary regulatory permissions are approved in these key regions, we will allocate a budget to expand our team and Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term efforts,” Cooke said.
Zenfinex Limited, which was founded and headed by industry veteran, Nick Cooke, released its annual financials 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.
However, the year 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. Finance Magnates reported last year 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. In an interview with Finance Magnates earlier this year, Cooke revealed that the broker has plans to expand its territories in Asia and the Middle East. It already has five offices and applied for licenses in multiple jurisdictions.
“Once the necessary regulatory permissions are approved in these key regions, we will allocate a budget to expand our team and Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term efforts,” Cooke said.