9th Jul 2024 13:53
(Alliance News) - Finseta PLC on Tuesday issued a trading update that revealed strong performance over the first six months of the year.
The London-based foreign exchange and payments solutions company said that in the first half that ended June 30, revenue increased 42% to GBP5.1 million from GBP3.6 million the previous year. The company reported 8.9% growth in active customers to 952 from 874.
Adjusted earnings before interest, taxes, depreciation, and amortization multiplied to GBP800,000 from GBP200,000.
Cash and cash equivalents held by the company stood at GBP700,000 up from GBP100,000.
Chief Executive Officer James Hickman said: "This reflects our success in executing on our strategy to expand our introducer network and payments capabilities while maintaining the high level of customer service for which we are known. Alongside this, we continued to strengthen our business and drivers of future growth with the important progress made in establishing a presence in Canada and with our card programme."
Finseta further benefited from an increase in average transaction value alongside the expansion of its sales team.
Based on this, the company declared it is on track to deliver "significant" revenue growth for the full year.
Finseta shares were up 5.0% to 37.29 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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