12th Sep 2016 09:27
LONDON (Alliance News) - Trading technology company TechFinancials Inc said Monday the first half of 2016 had been "transformational" for the company as revenue grew by 34% year on year.
The Cyprus-based company reported a jump in pretax profit to USD1.3 million for the year to the end of June, up from USD15,000 a year before. Gross profit increased by 42% to USD7.4 million from USD5.2 million, with an increase in gross margin to 75% from 71%.
Total revenue grew to USD9.9 million from USD7.3 million. Revenue spiked in both software licencing, up 34% to USD5.4 million from USD4.0 million, and in its trading platform division, up 35% to USD4.5 million from USD3.3 million.
TechFinancial's trading platform business returned to profitability in the half-year and established DragonFinancials Ltd, to offer binary options trading in the Asia Pacific region, in partnership with Optionfortune Trade Ltd. Binary options offer investors a fixed payoff if a certain condition is met, without the option to buy or sell the underlying asset.
"We are pleased with these solid results. We are now seeing the fruits of our growth strategy and supporting initiatives undertaken during 2015 to return our B2C division to profitability. These include the agreement with Optionfortune, the investment in new product launches, and our efforts to penetrate markets with high growth potential by opening an office in Hong Kong" said TechFinancials Chief Executive Officer Asaf Lahav.
Shares in TechFinancials were up 18% at 15.40 pence a share Monday following the announcement.
By Adam Clark; [email protected]
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