TechFinancials (DI) (TECH)

Sector:

IT Services

Index:

FTSE AIM All-Share

 3.25p
   
  • Change Today:
      0.000p
  • 52 Week High: 8.00
  • 52 Week Low: 3.00
  • Currency: UK Pounds
  • Shares Issued: 85.68m
  • Volume: 10,000
  • Market Cap: £2.78m
  • RiskGrade: 363
  • Beta: 0.07

TechFinancials slides as trading platform revenues dive by 70%

By Duncan Ferris

Date: Tuesday 18 Jun 2019

LONDON (ShareCast) - (Sharecast News) - TechFinancials' shares plummeted on Tuesday after the company swung to an annual loss as revenue from its trading platform dropped by 70%.
The Fintech service provider, which operates its 51%-owned business-to-consumer trading platform DragonFinancials, incurred in a loss before tax of $5.0m for 2018, compared to $0.6m of red ink for the year before.

Overall, sales were 42% lower at $7.8m, while trading platform revenues dropped by 70% to $2.7m as the business suffered on the back of tighter regulations.

The AIM traded company had cash and cash equivalents of $1.7m at the end of the year, down from $3.5m at the same point 12 months earlier, with its financial performance negatively impacting its cash flow.

Christopher Bell, non-executive chairman said: "We have dealt with the impact of regulation through growing new revenue streams by way of the simplified forex platform, mobile trading solutions and the add-on contract for difference platform. What has been particularly important is the growth observed in revenues from blockchain related technologies which have grown fifteen fold to $3.8m, representing almost 50% of 2018 revenues."

Blockchain-related ventures that TechFinancials is currently invested in include its sports venue ticketing subsidiary Footies Tech and blockchain-based global diamond exchange CEDEX, in which it holds a 2% interest with an option for a further 90%.

Post period end, the AIM traded company was forced to cancel the sale of its non-core loss-making subsidiaries BOT and MarketFinancials Limited after the prospective buyer failed to secure the relevant regulatory approvals.

A new sales agreement has been entered into for the disposal of MarketFinancials for €100,000, but the deal remains subject to approval from the subsidiary's regulator, the Seychelles Financials Securities Authority.

TechFinancials' shares were down 25.33% at 4.56p at 1604 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

TECH Market Data

Currency UK Pounds
Share Price 3.25p
Change Today 0.000p
% Change 0.00 %
52 Week High 8.00
52 Week Low 3.00
Volume 10,000
Shares Issued 85.68m
Market Cap £2.78m
Beta 0.07
RiskGrade 363

TECH Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
38.68% above the market average38.68% above the market average38.68% above the market average38.68% above the market average38.68% above the market average
49.49% above the sector average49.49% above the sector average49.49% above the sector average49.49% above the sector average49.49% above the sector average
Price Trend
76.64% below the market average76.64% below the market average76.64% below the market average76.64% below the market average76.64% below the market average
72.22% below the sector average72.22% below the sector average72.22% below the sector average72.22% below the sector average72.22% below the sector average
Income Not Available
Growth
83.47% below the market average83.47% below the market average83.47% below the market average83.47% below the market average83.47% below the market average
88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average88.24% below the sector average

TECH Dividends

No dividends found

Trades for 11-Oct-2019

Time Volume / Share Price
16:34 10,000 @ 3.00p

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