Trading Solutions provider TechFinancials announced Interim Results 

TechFinancials, a software developer, has issued a report to announce Unaudited Interim Results for the Six Months Ended 30 June 2015.

Financial Highlights

• Revenue increased to US$7.34m (H1 2014: US$7.16m)
• The core software licencing revenue increased by 33% to US$4.03m (H1 2014: US$3.03m)
• Gross Profit increased by 16% to US$5.18m (H1 2014: US$4.46m)
• Gross Margin increased by 9% to 71% (H1 2014: 62%)
• Operating profit decreased by 86% to US$0.10m (H1 2014: US$0.74m), due to a greater proportion of R&D expenditure being expensed through the P&L account (US$0.58m) in H1 2015 compared to H1 2014, combined with an increase in non-cash expenses (US$0.39m)
• EBITDA decreased by 31% to US$0.55m (H1 2014: US$0.80m), mainly due to a greater proportion of R&D being expensed compared to capitalised in the prior comparison period
• Cash position at the period end was US$4.6m (H1 2014: US$2.3m)

Operational Highlights

• Simplified FOREX, the Company’s second trading platform final product was launched earlier this year
• Number of active brands serviced by the Company’s software increased by 17 brands to 65 since 1 January 2015

Asaf Lahav, Group Chief Executive Officer of TechFinancials, commented: “Notwithstanding a decrease in profit, the Group’s operational performance has been positive and the board remains confident about the Group’s future prospects. We have a strong cash position as a result of our AIM listing in March 2015, and it will be utilised to further invest in marketing and R&D as well as evaluating potential joint venture and acquisition opportunities to help facilitate future growth.”

Source: TechFinancials – Unaudited Interim Report for the Six Months Ended 30 June 2015

 

 

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