Zenfinex Reports 35% Decline in Turnover in FY20

Zenfinex, a UK-based foreign exchange and CDF broker, has released its financial results for FY20, which ends on November 30, 2020. Zenfinex reported a 35% decline in turnover for FY20.

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According to the results, the broker's turnover for the year came in at £17,281, while it was £24,558 in the previous year. The report also provided some information about the company's business.

As the broker plans to expand its operations to other sections and regions, it focuses more on increasing the infrastructure capabilities of the company. The filing showed that it made essential progress towards the process designs, systems, and personal technology project.

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.

Although the company underperformed during the 2020 financial year, it was primarily due to the increased level of expense. However, Zenfinex is expecting to bounce back and gain massively in trading volume in the 2021 financial year. It also plans to continue with its investments in infrastructure and technology.