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(“TechFinancials” or the “Company”)
TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, provides the following trading update ahead of the Group’s Interim Results for the six months ended 30 June 2016, which are expected to be announced in the first half of September 2016.
The Group is pleased to report that trading in the first half of 2016 has been strong. Revenue has increased by over 30% from US$7.34 million in the first half of 2015 to in excess of US$9.6 million during the first half of 2016. Additionally, operating performance improved substantially compared with the same period in 2015, resulting in EBITDA increasing by over 80% from US$0.55 million to in excess of US$1 million.
Asaf Lahav, Group CEO of TechFinancials, said:
“We are very pleased with the results for the first half of 2016. During the period our B2B division continued to perform strongly and we are now finally seeing the fruits of our B2C initiatives. Both revenues and EBITDA are substantially up compared with the same period last year leaving the Board increasingly confident about meeting market expectations for the full year.”
For further information:
|TechFinancials, Inc.||Tel: +972 54 5233 943|
|Asaf Lahav, Group Chief Executive Officer|
|Yuval Tovias, Chief Financial Officer|
|Grant Thornton UK LLP (Nominated Adviser)||Tel: +44 (0) 20 7383 5100|
|Colin Aaronson / Samantha Harrison / Seamus Fricker|
|Northland Capital Partners Limited (Broker)||Tel: +44 (0) 20 3861 6625|
|David Hignell / Rob Rees|
|NEX Corporate Adviser and Joint Broker Peterhouse Corporate Finance||Tel: +44 (0) 20 7469 0930|
|Fungai Ndoro / Eran Zucker|
|Yellow Jersey PR Limited (Media Relations)||Tel: +44 (0) 7748 843 871|
|Charles Goodwin / Felicity Winkles|
TechFinancials plc (AIM: TECH) is a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other instruments. The Group operates a B2B division which provides software solutions for binary options brokers. TechFinancials also operates a B2C division in which it has an agreement with Optionfortune, a B2C binary options trading platform registered in Hong Kong.
TechFinancials listed on AIM in March 2015 to facilitate its expansion in the fast growing global binary options market which is expected to increase to c. $20bn in trade volume by 2016, double that of 2014 at c. $10bn (FinanceMagnates). A major part of the Group’s strategy is to increase its share in existing markets and to penetrate emerging and regulated markets with high growth potential. As part of this, the Company recently announced the opening of a Hong Kong office to focus on the Asia Pacific region and signed an agreement with Optionfortune, to run a new B2C binary options trading platform, which also provides TechFinancials with exposure to this region.
Further information can be found at http://techfinancials.com.