Despite the falling revenue, expenses increased, resulting in a massive dent in profits.
The company highlighted that the volatility it anticipated for the year “didn’t materialize into trade volume.”
The UK subsidiary of retail contracts for differences (CFDs) broker ZFX reported revenue of £883,639 for the fiscal year ended on 30 June 2023. The figure declined by almost 150 percent compared to the previous year’s £1.04 million.
A Tough Year for ZFX
According to the latest Companies House filing by Zeal Capital Market (UK) Limited, it ended the fiscal with a net profit of £151,408, a decline of 671 percent from £459,880 in the previous fiscal year. Notably, these figures only represent the performance of the UK subsidiary and not the broader Zeal Group.
Although the revenue of the company declined in the last fiscal year, its expenses increased. The filing shows that the administrative expenses of the UK company jumped to £681,321 in FY23 while the number was £575,727 in the previous year.
After expenses, the company's pre-tax profit came in at £202,318, which is 56 percent lower than the previous fiscal year’s figures with £462,404.
“Costs remain well-controlled, although the Board recognizes that continued investment is key to ensuring that the company continues to offer trading services backed by market-leading proprietary technology matched with a faultless support ethos,” the filing stated.
“The company continues to invest in the retention of the key personnel who contribute so much to the company’s success and whom the Board wishes to thank for their ongoing commitment to the company.”
A Global Brand
ZFX operates in the UK with a Financial Conduct Authority license and offers leveraged trading with CFDs instruments. The tradename ZFX is controlled by the Zeal group of companies, as, apart from the UK, the brand operates globally with a Seychelles license.
Besides the retail offerings, ZFX provides institutional and other technology services in the trading industry.
“The recent global increases in interest rates and general economic uncertainty in the EU and US have caused market focus to shift away from what once considered to be 'core' FX products. This factor continues to make the anticipated global economic recovery much more difficult to predict,” the filing of the UK company added.
“The company had hoped to have a stronger year, and the anticipated recovery has turned out to be more distant. The volatility that the company had in focus for this year didn’t materialize into trade volume.”
The UK subsidiary of retail contracts for differences (CFDs) broker ZFX reported revenue of £883,639 for the fiscal year ended on 30 June 2023. The figure declined by almost 150 percent compared to the previous year’s £1.04 million.
A Tough Year for ZFX
According to the latest Companies House filing by Zeal Capital Market (UK) Limited, it ended the fiscal with a net profit of £151,408, a decline of 671 percent from £459,880 in the previous fiscal year. Notably, these figures only represent the performance of the UK subsidiary and not the broader Zeal Group.
Although the revenue of the company declined in the last fiscal year, its expenses increased. The filing shows that the administrative expenses of the UK company jumped to £681,321 in FY23 while the number was £575,727 in the previous year.
After expenses, the company's pre-tax profit came in at £202,318, which is 56 percent lower than the previous fiscal year’s figures with £462,404.
“Costs remain well-controlled, although the Board recognizes that continued investment is key to ensuring that the company continues to offer trading services backed by market-leading proprietary technology matched with a faultless support ethos,” the filing stated.
“The company continues to invest in the retention of the key personnel who contribute so much to the company’s success and whom the Board wishes to thank for their ongoing commitment to the company.”
A Global Brand
ZFX operates in the UK with a Financial Conduct Authority license and offers leveraged trading with CFDs instruments. The tradename ZFX is controlled by the Zeal group of companies, as, apart from the UK, the brand operates globally with a Seychelles license.
Besides the retail offerings, ZFX provides institutional and other technology services in the trading industry.
“The recent global increases in interest rates and general economic uncertainty in the EU and US have caused market focus to shift away from what once considered to be 'core' FX products. This factor continues to make the anticipated global economic recovery much more difficult to predict,” the filing of the UK company added.
“The company had hoped to have a stronger year, and the anticipated recovery has turned out to be more distant. The volatility that the company had in focus for this year didn’t materialize into trade volume.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
52% Acknowledge Parental Influence: Financial Legacies in Hong Kong
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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