10th Sep 2024 13:21
(Alliance News) - Finseta PLC on Tuesday said its half-year revenue has surged, as average transaction values rise and a period of "significant growth" reinforces full-year market expectations.
The London-based foreign exchange and payments solutions company said its revenue for the six months ended June 30 was GBP5.1 million, a 42% rise from GBP3.6 million at the same time last year.
Pretax profit grew to GBP600,000 from nil before.
The rise was driven primarily by increases in active customers and average transaction value, Finseta said. Average transaction value increased by more than 29% over the first half of financial 2024, whilst cost of sales rose 23% to GBP1.7 million from GBP1.4 million.
Finseta, formerly Cornerstone FS, changed its company name in March this year to differentiate itself within the marketplace. During the period ended June 30, Finesta also signed an agreement with Mastercard to launch a corporate card scheme later in 2024; received regulatory approval to provide payment services in Canada, and established new counterparty partnerships to broaden the number of currencies and counties where the group can transact.
Finseta can currently pay out to over 165 countries in 140 different currencies.
Chief Executive Officer James Hickman said: "This has been a period of significant growth for Finseta, which builds on the work we commenced last year to execute on our renewed strategy. Looking ahead, the strong trading momentum that was experienced during the first six months of 2024 has been sustained into the second half and we are on track to report significant growth for full year 2024, in line with the board's expectations.
"At the same time, with the excellent progress made in executing on our strategic priorities, we have strengthened our operations and the foundations to deliver long-term, sustainable growth. As a result, the board continues to look to the future with great confidence."
Shares in Finseta PLC were down 6.3% at 39.35 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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