Binary platform provider and operator TechFinancials Inc (LON:TECH) has issued a statement indicating that its 2016 first half results should be in line with expectations.
TechFinancials released a formal statement which will be delivered tomorrow at the company’s annual general meeting, with highlights including:
- the company’s ‘B2B’ platform business saw Revenues grow 30% YoY
- TechFinancials signed up 5 new software licensing clients in 1H-2016
- the company’s cash position grew to USD $3.85 million as at June 30, 2016, up from $3.39 million at year-end
- TechFinancials remained focused on Asia growth, and has expanded in APAC with a new Hong Kong office and a partnership with Optionfortune Trade.
TechFinancials will report its full first half financials later this summer.
The full statement from TechFinancials reads as follows:
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TechFinancials Inc.
(“TechFinancials” or the “Company”)
AGM Statement
TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, announces that at tomorrow’s Annual General Meeting the Chairman of TechFinancials, Christopher Bell, will make the following statement:
Christopher Bell, TechFinancials
I am delighted to update our shareholders on the progress TechFinancials is making as we continue to build a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other trading instruments.
The past year, whilst challenging, was a transformational year for the Company where we saw our B2B software licencing division perform strongly, with revenues growing 30% year on year and a number of initiatives undertaken to better position ourselves in terms of our B2C offering and to help build the foundations for renewed growth in FY 2016.
With these developments in mind, I am pleased to report that both our B2B and B2C divisions have been performing well since the start of this financial year and that trading is in line with market expectations.
Our B2B activities are gaining momentum and we have signed five software licensing contracts in the last sixth months and we are seeing a general increase in demand for our trading solutions.
In addition, we are particularly encouraged that our B2C division is back on track and that our partnership with Optionfortune Trade, has started well.
Furthermore, we continue to build a strong cash position which now totals US$3.85 million as at 30 June 2016, an increase of US$0.46 million from the position at 31 December 2015, which places us in a steady position for growth. As part of our wider development strategy we are continuing to bolster our Asia activities through expansion of our new Hong Kong office and remain focused on investing in and launching new trading platforms, enhancing our mobile and tablet solutions, and other products to meet the changing demands of our global customer base.
We have hard-working, motivated and talented employees who deliver exceptional service and solutions to our customers. I would like to thank them on behalf of the Board for all their efforts as we move forward with another busy and progressive year, and also thank our shareholders for their continued support. Finally, we look forward to continuing to update the market on our progress in FY 2016, throughout the remainder of the year.