Monex Europe Holdings Limited (MEHL) posted a loss for 2024 despite higher trading revenues, as the foreign exchange (FX) services company spent heavily on technology upgrades and business restructuring.
The European arm of Mexico-based Monex S.A.P.I. de C.V. reported a loss before tax of £2.3 million for 2024, compared to a £5.3 million loss the previous year. Net trading income climbed to £77.2 million from £73.3 million in 2023, according to financial statements released Friday.
Monex Europe Holdings Bets Big on Tech Despite 2024 Losses
The company attributed the continued losses to one-time expenses tied to what it called a "structural reorganization and transformation program." Administrative costs jumped to £76.3 million in 2024 from £74.5 million the year before.
Monex secured investment and payment licenses in Spain early last year, giving the company new regulatory permissions to expand its services in that market. The dual licenses allow Monex to offer a broader range of financial products to corporate clients across Europe.
"2024 was a pivotal year of transformation for Monex Europe Holdings," said Mauricio Naranjo, group CEO of the parent company. "We made bold, deliberate investments in technology, product development, and structural reorganization to support our future ambitions."
The company spent significant amounts on foreign exchange risk management tools, payment systems, and digital infrastructure during 2024. These investments target corporate and institutional clients who need help managing international financial operations.
JP Carriedo, group director of Monex Europe Holdings, expressed confidence about the company's direction despite the current losses. "We're building for the future, and the strategy is already showing results," Carriedo said. "We've made real progress in reshaping our business, with technology at the centre of everything we do."
Monex Europe Holdings Limited - Key Financial Data
Financial Metric | 2024 (£) | 2023 (£) | Change |
Net trading income | 77,155,167 | 73,328,622 | +5.2% |
Cost of sales | (9,221,162) | (3,278,207) | +181.3% |
Gross profit | 67,934,005 | 70,050,415 | -3.0% |
Administrative expenses | (76,335,699) | (74,493,985) | +2.5% |
Operating loss | (5,689,657) | (7,158,171) | +20.5% |
Loss for the financial year | (4,077,210) | (4,900,851) | +16.8% |
Total comprehensive loss for the year | (5,058,384) | (5,466,833) | +7.5% |
Source: Monex Europe Holdings Limited
Monex Europe Limited Reports Improved Results
Monex Europe Holdings comprises several subsidiaries, including Monex Europe Limited, which also reported its financial results at the same time. The company's performance was slightly better. Net trading revenue rose from £18 million to £22.5 million in 2024, while total net profit after tax reached £8.6 million, compared to £3.7 million the previous year.
Monex operates across multiple continents, with offices in North America, Europe, and Asia. The global company processed $274 billion in foreign exchange turnover during 2024 and managed $15.3 billion in client assets. It handled 9 million transactions for more than 69,000 clients worldwide.
The European subsidiary includes operations in the UK, Spain, and the Netherlands, along with Canadian and Singapore entities. Company executives said they expect to return to profitability in 2025 as the technology investments begin generating returns.
