Finseta plc (AIM: FIN), a foreign exchange and payments solutions provider, announced financial results for the first half of 2024, with revenue soaring approximately 42% to £5.1 million compared to the same period last year.

In response to the trading update published on Tuesday morning, the company's shares opened on the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term with a ten percent increase, testing monthly highs.

Finseta Reports Revenue Growth in First Half of 2024

The company, which offers multi-currency accounts through a proprietary technology platform, saw its active customer base grow to 952, up from 874 in the first half of 2023. This growth, coupled with an increase in average transaction value, contributed to the significant revenue boost.

Finseta's gross margin improved to approximately 65%, up from 61% in the previous year. The company attributed this improvement to its strategic decision to phase out its white-label business. Excluding revenue from white label partners, underlying revenue growth was even stronger at 54%.

In this interview, CEO James Hickman of Finseta #FIN – an international payments platform - takes Vox through the business’ strong H1’24 trading, increasing profit margins, outlook for the rest of 2024 and longer term expansion strategy. https://t.co/PMhtCjzStN #investing…

— Vox Markets (@VOXmarkets) July 9, 2024

Adjusted EBITDA saw an increase of about 300% to £0.8 million, reflecting both revenue growth and the scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term of the company's platform. Cash flow generated from operations rose to £0.7 million, resulting in a healthy cash balance of £2.8 million as of June 30, 2024.

"This has been another excellent period of delivery for Finseta, with substantial growth in revenue and EBITDA as we continued to increase our number of customers and average transaction value,” commented James Hickman, CEO of Finseta.

Hickman also highlighted the company's progress in expanding its presence in Canada and advancing its card program. He affirmed that Finseta remains on track to deliver growth for the full year 2024, in line with the Board's expectations.

“Accordingly, and with the strong trading momentum being sustained, we remain on track to deliver significant growth for FY 2024,” Hickman added.

The company's client mix remained stable, with high-net-worth individuals accounting for 61% of revenue and corporate customers for 39%.

Finseta is scheduled to release its full interim results on September 10, 2024.