London-based online trading company Taurex Limited, formerly known as Zenfinex Limited, reported a smaller loss for the year ended 31 December 2024. The company’s annual loss dropped to £1.71 million from £2.29 million in 2023.

Taurex Reports Growth, Losses Narrowed

Revenue more than doubled over the year as turnover reached £1.95 million in 2024, compared to £848,306 in the previous year. The cost of sales also increased, rising to £619,405 from £196,627 in 2023. As a result, gross profit improved to £1.33 million, up from £651,679.

Operating Loss Narrows Despite Rising Costs

Administrative expenses continued to weigh on the company. These costs rose slightly to £3.04 million, from £2.94 million a year earlier. As a result, the operating loss narrowed to £1.71 million, compared to £2.29 million in 2023.

The company earned £8,418 in interest income, nearly double the £4,238 recorded in the previous year. However, it did not pay any taxes due to the overall loss.

You may find it interesting at FinanceMagnates.com: Zenfinex Reports 72% Surge in Revenue for 2023, Yet Faces Operating Losses.

Taurex Rebrands

Zenfinex rebranded to Taurex in 2023 to enhance its retail trading offering, according to the company. The rebranding followed a leadership change, with Founder Nick Cooke returning as Group CEO after the departure of former CEO Matthew Wright, who moved on to join Exinity as COO. Cooke originally launched Zenfinex in 2020 and has since led the company.

Expansion and Partnerships

Alongside the brand change, Taurex introduced a proprietary trading app and additional tools aimed at traders of all experience levels. The firm is also building a global community to support both new and experienced traders through mentoring, education, and copy trading features.

Taurex now operates in multiple regions, including the UAE, Vietnam, Cyprus, Colombia, and Mexico. It has secured regulatory licenses in Seychelles and Sierra Leone and has partnered with firms like Acuity Trading and Trading Central.