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ISX Financial Posts Solid Profit and Revenue in 2022 despite ‘Worsening Market’

Date:

ISX
Financial EU Plc has disclosed why it halted plans to go public last year through an initial public offering (IPO) despite turning in a 171% year-over-year (YoY) growth in profit after tax with 20% increase in revenue. The figures reached €3.7 million and €27.4 million, respectively, during
the fiscal year ended December 31.

ISX
Financial, a
Europe-centric provider of payment, e-money and identity solutions, operates brands such
as Flykk, iSXPay and Paydentity. The company serves customers in the gaming, forex and contracts for difference, banking, credit union and eCommerce industries.

However,
ISX Financial halted its IPO plans in 2022 due to ‘continued
worsening market conditions.’ Christakis Taoushanis, the company’s Non-Executive Chairman, noted that the firm’s directors decided
the year was not ‘the right time’ to seek admission to a stock exchange via an IPO due to significant declines in the stock
prices of many growth and technology companies during the period.

In October
2021, ISX Financial completed its demerger from Australian financial services company,
Southern Cross Payments, ending the year with a 4.1% increase in
revenue
. At the
time, Taoushanis said that the company was “committed to exploring all
opportunities to find a new exchange on which we can list the company’s
securities.”

However, despite shelving the plan last year, Taoushanis noted that the
firm still has its eyes set on going public. He explained that “the Group continues to prepare for the IPO primarily through building and expanding the
business while maintaining profitability.”

“In 2023, the Group
in conjunction with our prospective sponsor broker will continue to monitor
market conditions for IPOs,” Taoushanis said in ISX Financial’s fiscal year 2022 results released on Friday.

ISX Financial Sees
Strong Open Banking Demand

Meanwhile,
during the last quarter of fiscal year 2022, ISX Financial reported
a strong demand for its open banking payment services, with the total value of
all transactions processed reaching €134.4 million. This represents a 103% jump
quarter-over-quarter and 600% YoY.

“This
strong growth affirms our ability to capitalize on emerging trends in the
financial industry,” ISX Financial noted in a statement.

Furthermore,
the company said its cash at bank figure rose by approximately €1 million
despite investing € 0.9 million in the National Stock Exchange of Australia
(NSX) and repaying €1.5 million in convertible notes.

Moreover, in its first quarter 2023 unaudited results released in
mid-April, ISX Financial said it generated a profit of €1.4 million,
minus costs related to its NSX investment. The company also established a branch
in Israel and received authorization to extend its services to Single Euro
Payments Area (SEPA) Direct Debit in Lithuania.

ISX
Financial EU Plc has disclosed why it halted plans to go public last year through an initial public offering (IPO) despite turning in a 171% year-over-year (YoY) growth in profit after tax with 20% increase in revenue. The figures reached €3.7 million and €27.4 million, respectively, during
the fiscal year ended December 31.

ISX
Financial, a
Europe-centric provider of payment, e-money and identity solutions, operates brands such
as Flykk, iSXPay and Paydentity. The company serves customers in the gaming, forex and contracts for difference, banking, credit union and eCommerce industries.

However,
ISX Financial halted its IPO plans in 2022 due to ‘continued
worsening market conditions.’ Christakis Taoushanis, the company’s Non-Executive Chairman, noted that the firm’s directors decided
the year was not ‘the right time’ to seek admission to a stock exchange via an IPO due to significant declines in the stock
prices of many growth and technology companies during the period.

In October
2021, ISX Financial completed its demerger from Australian financial services company,
Southern Cross Payments, ending the year with a 4.1% increase in
revenue
. At the
time, Taoushanis said that the company was “committed to exploring all
opportunities to find a new exchange on which we can list the company’s
securities.”

However, despite shelving the plan last year, Taoushanis noted that the
firm still has its eyes set on going public. He explained that “the Group continues to prepare for the IPO primarily through building and expanding the
business while maintaining profitability.”

“In 2023, the Group
in conjunction with our prospective sponsor broker will continue to monitor
market conditions for IPOs,” Taoushanis said in ISX Financial’s fiscal year 2022 results released on Friday.

ISX Financial Sees
Strong Open Banking Demand

Meanwhile,
during the last quarter of fiscal year 2022, ISX Financial reported
a strong demand for its open banking payment services, with the total value of
all transactions processed reaching €134.4 million. This represents a 103% jump
quarter-over-quarter and 600% YoY.

“This
strong growth affirms our ability to capitalize on emerging trends in the
financial industry,” ISX Financial noted in a statement.

Furthermore,
the company said its cash at bank figure rose by approximately €1 million
despite investing € 0.9 million in the National Stock Exchange of Australia
(NSX) and repaying €1.5 million in convertible notes.

Moreover, in its first quarter 2023 unaudited results released in
mid-April, ISX Financial said it generated a profit of €1.4 million,
minus costs related to its NSX investment. The company also established a branch
in Israel and received authorization to extend its services to Single Euro
Payments Area (SEPA) Direct Debit in Lithuania.

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