15th Jan 2025 15:25
(Alliance News) - Finseta PLC's shares slumped on Wednesday, as the group said it expects to report an increase in revenue for 2024.
Shares in Finseta were down 14% at 37.50 pence each in London on Wednesday afternoon.
The London-based foreign exchange and payments solutions company said it expects to post revenue of around GBP11.4 million for 2024, up 17% from GBP9.6 million the year before.
This was primarily driven by the 16% increase in active customers seen during the year, as customer numbers rose to 1,059 from 906 last year.
Adjusted earnings before interest, tax, depreciation and amortisation are expected to grow 16% to around GBP2.0 million from GBP1.7 million the year before.
Chief Executive Officer James Hickman said: "This has been a milestone year for our company as we undertook several significant strategic initiatives while continuing to deliver strong growth. We have expanded our offering, our sales team and our introducer network resulting in an increased number of customers. This has enabled us to achieve growth in all key financial metrics in 2024.
"At the same time, our agreement with Mastercard, establishing a presence in Canada and adopting 'Finseta' as our new company name have strengthened our business and our ability to deliver value. Accordingly, we have entered 2025 with confidence and we look forward to reporting on further progress."
By Emily Parsons, Alliance News reporter
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