ISX Financial EU Plc (ISX Plc) has unveiled its fourth-quarter results for the fiscal year 2023, marking a stride in its performance within the 'Bank Tech' sector. The company's financial report reflects notable growth and profitability, showcasing adaptability.

ISXPlc Surpasses Expectations with €10.5 Million in Revenues

In Q4 2023, ISXPlc reported revenues totaling €10,460,527, representing a substantial year-on-year increase of 35%. This surge in revenue surpasses initial expectations.

The company's gross profit for the quarter amounted to €9,489,599, reflecting its ability to manage operational costs and drive sustainable profitability. Moreover, ISXPlc recorded a profit before tax of €3,074,627. Net income stood at €2,572,331. The growth momentum observed in the quarter is further accentuated by a quarter-over-quarter expansion in revenues of 39%.

Nikogiannis Karantzis, the Managing Director, said: "I am thrilled with the results and our growth profile, whilst maintaining profitability and margins. 2023 is another profitable year for ISX, that sets the group up for a listing event on a regulated market. As we celebrate these achievements, I invite our valued clients, partners, and stakeholders to join us on this exciting journey ahead as we prepare for listing."

Creation of a New Holding Company

Earlier, Finance Magnates reported that ISX Financial EU Plc announced the creation of a new holding company, ISX Plc, which will seek admission to the list. This transition aligns with the company's aspirations for an initial public offering or a direct listing of the holding entity, marking a significant shift in its corporate structure.

Shareholders of ISX Financial EU Plc will maintain their ownership stakes in ISX Plc in direct correlation to their existing holdings.

Commenting on the reorganization, company spokespersons expressed their commitment to navigating the regulatory landscape diligently. They acknowledged the challenges posed by the approval process but remained steadfast in their pursuit of regulatory compliance and transparency. The decision to restructure underscores ISX Financial's strategic vision. By segregating its assets under a new holding company, the organization aims to enhance clarity in its corporate structure and optimize its financial reporting mechanisms.