TechFinancials’ Trading Update August 2015 ahead of the Group’s Interim Results 

TechFinancials has issued a press release to inform about Group’s Trading Update for August 2015 ahead of the Group’s Interim Results for the six months ended 30 June 2015, which are expected to be announced in the second half of September 2015.

Revenue has increased slightly from US$7.15 million in the first half of 2014 to US$7.34 million during the first half of this year.

Operating performance improved marginally compared with the same period in 2014, but EBITDA, while positive, has been affected by an increase in necessary research and development expenditure.

Decisions made by the senior management of OptionFair at the end of the first quarter as well as the impact of complying with the new CySEC regulations have resulted in a lower than expected rate of customer conversion at the Company’s B2C OptionFair business, primarily in the second quarter. While the Company has instigated changes to its management and operations in Cyprus to restore and improve its rate of customer conversion, the Board does not believe that these changes will take effect in time to enable OptionFair to achieve its anticipated level of business. Consequently the Company will not meet market expectations with regard to revenue and profit for the year to 31 December 2015. However, management expects OptionFair to return to a higher level of customer conversion and improved profitability in the next financial year.

Asaf Lahav, Group CEO of TechFinancials, said: “Whilst the performance of OptionFair is disappointing, the Group remains positive about the long term prospects for the B2C segment, as the new management structure takes shape. The Company’s core B2B online trading software continues to perform well, and the Group is continually looking at opportunities in new domestic and overseas markets with high growth potential.”

Source: TechFinancials – TechFinancials’ Trading Update August 2015 ahead of the Group’s Interim Results

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