ISX Financial EU Plc has released its unaudited financials for the fourth quarter of 2021, reporting a 6.8 percent increase in the full year’s receipts from customers. In absolute terms, this figure came in at €22.6 million.
ISX offers diversified services that include regulated e-money and payments services, regtech solutions and a few more. It particularly serves customers in the gaming, CFD, FX, banking, credit union and eCommerce sectors. The Group’s business is Europe-centric as 95 percent of its revenue comes from the UK and EEA.
“The Group continues to focus its growth in regulated online gaming, with Entain Group and William Hill entering into further agreements for additional services, which are expected to contribute to the bottom line by mid-2022,” John Karantzis, the Managing Director at ISX Financial, noted in the quarterly update.
Closing with Profits
Now, ISX Financial EU is expecting to close the year with a projected after-tax net profit of €1.4 million. This figure is based on the company’s yearly EBITDA that came in at more than €5.4 million.
The company highlighted that the diversification of its revenue from card acquiring to low-cost SEPA instant and batched interbank payments has contributed to the jump in customer receipts.
Additionally, the card acquiring volumes of the company in the fourth quarter jumped by 18 percent quarter-over-quarter but remained 18 percent lower than the final quarter of 2020. Also, SEPA volumes saw an increase of 23 percent when compared to the previous quarter and 83 percent from Q4 2020.
Furthermore, the unaudited financials detail that the company generated net cash of €5.8 million from operations, which is 15 percent higher. However, several financing activities dragged the cash and cash equivalents to €5.2 million in 2021, compared to €8.5 million in 2020.
“I expect that growth during 2022 will continue at a steady pace, whilst allowing the company to expand into other sectors/geographies and also maintaining profitability,” Karantzis added.
