The first official results published by TechFinancials (LON:TECH) since the company was listed on the London Stock Exchange 's Alternative Investments Market (LSE AIM) revealed that the firm recorded $15.5 million of revenues for the full year ending on December 31st, 2014. This marks an 85 percent increase when compared to the previous year.
TechFinancials is a provider of technology for trading binary options. The company's business model relies on delivering an end-to-end solution to white labels that are marketing the product independently. The firm also has its own white label under the brand name OptionFair.
EBITDA totaled $2.3 million which compares to a loss of $0.3 million in 2013
Bottom line, operating profit before exceptional items totaled $2.1 million, while pre-tax profit was reported at $0.8 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were reported at $2.3 million which compares to a loss of $0.3 million in 2013.
The company also announced that cash generated from operating activities totaled $2.1 million, comparing to an outflow of $0.47 million in 2013. Basic earnings per share have been reported at $0.012 in 2014.
TechFinancials reported that the number of active brands using the firm's binary options platform increased by one third to 48. The recent U.S. market developments after the collaboration with Cantor Exchange could open even more growth opportunities for the firm. The firm also began its foray into the Asian market recently but to date hasn't announced any major deals.
The proceeds raised in our IPO, will enable TechFinancials to invest in new products and services
The board of directors of TechFinancials recommended a symbolic maiden dividend for the financial year ending on the 31st of December, 2014. The figure totals $165,000 for all the shareholders on the register at the recorded date of July 31, 2015.
The company's CEO, Asaf Lahav, commented in the announcement, "The Board is delighted to announce our maiden annual results, which shows a considerable increase in revenue and operating profit. The Group’s improved operating cash flow, together with the proceeds raised in our IPO, will enable TechFinancials to invest in new products and services, in order to capitalise on the increasingly sophisticated and regulated binary options market."
"The Board is also delighted that TechFinancials have entered several high growth binary options market in 2015. Whilst Europe continues to be the main focus of the Group, TechFinancials has made significant progress to penetrate the US, and Asian markets. The Board is confident that through increasing sales and marketing efforts, TechFinancials will successfully Leverage on its already established brand in these international markets," he added.
