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.
This article was written by Tareq Sikder at www.financemagnates.com.
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