The company reported revenue up 42% to £5.1 million and adjusted EBITDA increasing 300%.
Growth was driven by an expanded customer base and higher average transaction values
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 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%.
Adjusted
EBITDA saw an increase of about 300% to £0.8 million, reflecting both revenue
growth and the scalability 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.
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 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%.
Adjusted
EBITDA saw an increase of about 300% to £0.8 million, reflecting both revenue
growth and the scalability 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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Card Fraud Grips UK Residents: Victims Lost Almost £60 Million in Three Years
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Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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Reimagining a New Era of Banking for Businesses | FMPS:24
Reimagining a New Era of Banking for Businesses | FMPS:24
In the face of an economic downturn and a rapidly changing banking landscape, modern businesses require a fresh approach to banking. Join Shannon Scott, SVP and Global Head of Product at Airwallex, as she discusses the limitations of legacy financial systems and offers insights into how banking can evolve to better meet the needs of today’s businesses. This session will provide valuable perspectives on how to shape the future of business banking to navigate and thrive in a challenging economic environment.
#fmps #fmps24 #fmevents #BusinessBanking #EconomicDownturn #FinancialInnovation #ModernBanking #Airwallex
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In the face of an economic downturn and a rapidly changing banking landscape, modern businesses require a fresh approach to banking. Join Shannon Scott, SVP and Global Head of Product at Airwallex, as she discusses the limitations of legacy financial systems and offers insights into how banking can evolve to better meet the needs of today’s businesses. This session will provide valuable perspectives on how to shape the future of business banking to navigate and thrive in a challenging economic environment.
#fmps #fmps24 #fmevents #BusinessBanking #EconomicDownturn #FinancialInnovation #ModernBanking #Airwallex
📣 Stay updated with the latest in finance and trading!
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In financial services, achieving global success requires a deep understanding of local markets. In this hands-on, country-specific session, top experts from the Asian Pacific region will explore what drives traders in this diverse market. The discussion will cover strategies for retaining local partners for effective collaboration, the top-performing assets in various regions and the reasons behind their success, and insights into how the industry is evolving, including where the opportunities will be in 2025.
Speakers:
Fraser Nelson, Global Head of Business Development, Scope Markets
Firdaus Ali, Business Analyst & Partnership Manager, TradingPRO
Joy Li, Head of APAC, Gold-i
Sam Grecner, Director of Growth (Australia), TradingView
Mario Singh, Founder and Chairman, Fullerton Markets
Stephen Williams, Premium Client Manager, Capital.Com
#fmps #fmps24 #fmevents #APACFinance #GlobalTrading #MarketInsights #LocalMarkets #financialservices
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In financial services, achieving global success requires a deep understanding of local markets. In this hands-on, country-specific session, top experts from the Asian Pacific region will explore what drives traders in this diverse market. The discussion will cover strategies for retaining local partners for effective collaboration, the top-performing assets in various regions and the reasons behind their success, and insights into how the industry is evolving, including where the opportunities will be in 2025.
Speakers:
Fraser Nelson, Global Head of Business Development, Scope Markets
Firdaus Ali, Business Analyst & Partnership Manager, TradingPRO
Joy Li, Head of APAC, Gold-i
Sam Grecner, Director of Growth (Australia), TradingView
Mario Singh, Founder and Chairman, Fullerton Markets
Stephen Williams, Premium Client Manager, Capital.Com
#fmps #fmps24 #fmevents #APACFinance #GlobalTrading #MarketInsights #LocalMarkets #financialservices
Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Unlocking Smart Money Secrets: How to Trade Changing Markets | FMPS:24
Unlocking Smart Money Secrets: How to Trade Changing Markets | FMPS:24
Join Thomas Atkinson, Chief Market Analyst at FX Evolution, for an insightful seminar on the advanced strategies institutional investors use to excel in volatile markets. This session will delve into how smart money creates liquidity, the critical role of news and earnings in signaling market reversals, and practical tools for identifying key market shifts. Attendees will gain valuable knowledge on using volume profile tools to pinpoint market turning points, optimizing trades with specific liquidity setups, and enhancing overall trading strategies to navigate dynamic market conditions with confidence.
#fmps #fmps24 #fmevents #TradingIndustry #TradingStrategies #MarketAnalysis #Liquidity #VolumeProfile #InstitutionalInvesting #FinancialExpo #australia
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Join Thomas Atkinson, Chief Market Analyst at FX Evolution, for an insightful seminar on the advanced strategies institutional investors use to excel in volatile markets. This session will delve into how smart money creates liquidity, the critical role of news and earnings in signaling market reversals, and practical tools for identifying key market shifts. Attendees will gain valuable knowledge on using volume profile tools to pinpoint market turning points, optimizing trades with specific liquidity setups, and enhancing overall trading strategies to navigate dynamic market conditions with confidence.
#fmps #fmps24 #fmevents #TradingIndustry #TradingStrategies #MarketAnalysis #Liquidity #VolumeProfile #InstitutionalInvesting #FinancialExpo #australia
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